E-13-8
TAGUCHI COMPANY
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $73,000 $22,000
Accounts Receivable 85,000 76,000
Inventories 170,000 189,000
Land 75,000 100,000
Equipment 260,000 200,000
Accumulated Depreciation (66,000) (32,000)
Total $597,000 $555,000
Liabilities and Stockholders’ Equity
Accounts Payable $39,000 $47,000
Bonds Payable 150,000 200,000
Common Stock ($1 par) 216,000 174,000
Retained Earnings 192,000 134,000
Total $597,000 $555,000
Additional Information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.
Instructions:
Prepare a statement of cash flows for 2011 using the Indirect method.
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