Following is the financial information of Jhutti Company:
JHUTT1 COMPANY ThrnparatIve Balance Sheets December 31
AA se Ls 2J012 2011 Cash $ 92.700 $ 47,250 Accounts teccivablc 93,800 57.000 I nye a toty 121.900 102.650 Investments 84.500 87,000 Equipme nt 250.000 205.000 Accumulated depreciation — buiklinos (49.500) (40,0001 :=.4-1.41171 $058.95) Liabilities and Stockholders’ 1:quity Accounts payable S 57.7130 $ 48.280 Accrued experts. payable 12.100 18,833 Bonds payable 100.000 70,000 Common stock 293,003 200,000 Re tained earnings 170,600 121.790 $593.403 $458.900
MUTT] COMPANY Income Statement For the Year Ended December 31, 2012
Sales revenue $297.500 Gain on sale of equipment 8.753 306,250 Less: Cast of goods sold $99.46)) Operating expenses (excluding depreciation expense ) 14.670 Depreciation expense 49.700 Income taxes 7.270 Interest expense 2,940 174,040 Nct income $132.210
Additional information: 1. Equipment costing $92,000 was purchased for cash during the year_ 2. InwslmcnL% were sold at cost. 3. Equipment ousting $47,000 was sold for $15,550, icsulticip. in gain of $8.750. 4. A cash dividend of $83.400 was declared and paid (luring the yeal.
Required: Prepare Statement of Cash flows using indirect method.