Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented

Question

Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.

PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013

2014

2013

$1,808

$1,110

1,743

1,293

1,592

1,909

1,901

1,699

(1,198

(1,175

1,307

1,474

$7,153

$6,310

$1,207

$787

216

245

1,406

1,632

1,897

1,707

2,427

1,939

$7,153

$6,310

PAT METHENY COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014

$6,857

4,708

2,149

935

1,214

86

1,300

532

280

$488

Additional information:

During the year, $77 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014.

Prepare a statement of cash flows using the direct method.

PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013

2014

2013

Cash

$1,808

$1,110

Receivables

1,743

1,293

Inventory

1,592

1,909

Plant assets

1,901

1,699

Accumulated depreciation

(1,198

)

(1,175

) Long-term investments (held-to-maturity)

1,307

1,474

$7,153

$6,310

Accounts payable

$1,207

$787

Accrued liabilities

216

245

Bonds payable

1,406

1,632

Capital stock

1,897

1,707

Retained earnings

2,427

1,939

$7,153

$6,310

Explanation / Answer

sales 6857 + gain on sale of investments 86 + decreae in inventories 317 + increase in payables 420 + decrease in investments 167 + increas in stock 190 8037 less COGS 4708 - increase in accounts receivable 450 - increase in assets 179 - selling 935 - income tax 532 - cash dividend 280 - decrease in accrued liabilities 29 - decrease in bond payable 226 7339 change in cash 698 cash opening 1110 cash closing 1808

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