The following information is available from the Embargo Company accounting records:1. Cash account balances: January 1, ...

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The following information is available from the Embargo Company

April 14, 2018

The following information is available from the Embargo Company accounting records:

1. Cash account balances: January 1, 2014, $43,000; December 31, 2014, $18,000.

2. The balance in accounts receivable decreased by $10,000 during the year from $60,000. No short term investments.

3. Inventory increased $9000 to $80000.

4. Accounts payable increased $3,000 during the year to $32,000. Income tax payable increased $4,000 during the year to $8000. Wages payable decreased by 5000 to 4000. There were no other current liabilities.

5. During December 2014, the company settled a $10,000 note payable by issuing shares of its own capital stock with equivalent value.

6. Cash expenditures during 2014 were

a. payment of long-term debts, 64000

b. purchase of new operational assets, 74000

c. payment of land as an investment, 25000

d. purchase of land as an investment, 25000

7. Sale and issuance of Embargo Company capital stock for 20000 cash.

8. Issuance of long-term mortgage note, 30000

9. Total assets at Dec. 31, 2014, equaled 1,000,000

10. Sale of some operational assets resulting in the following entry:

Cash 5000

Accumulated Dep. 12000

Operational Assets 15000

Gain on Sale of Operational Assets 2000

11. Income statement data:

Sales Revenue 295,000

COGS (140,000)

Dep. Expense (14,000)

Patent amortization (1000)

Income Tax exp. (17000)

Selling and admin exp (42000)

Gain on Sale of op. assets 2000

Net Income 83,000

make a statement of cash flows in thousands of dollars using the indirect method.










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