Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended December 31, 2014, and the firm's balance sheet at December 31, 2013:
Statement of Cash Flows
For the Year Ended December 31, 2014
Cash Flows from Operating Activities:
Add (deduct) items not affecting cash:
Depreciation expense 29,400
Increase in accounts receivable (8,800)
Decrease in merchandise inventory 30,600
Increase in accounts payable 3,200
Payment of short-term debt (6,300)
Payment of notes payable (10,400)
Net cash provided by operating activities$50,800
Cash Flows from Investing Activities:
Purchase of buildings (91,900)
Proceeds from sale of land at its cost 7,300
Net cash used by investing activities$(84,600)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt 17,700
Proceeds from issuance of common stock 10,400
Payment of cash dividends on common stock (6,200)
Net cash provided by financing activities$21,900
Net decrease in cash for the year$(11,900)
At December 31, 2013
Accounts receivable 62,100
Merchandise inventory 76,700
Total current assets$155,500
Less: Accumulated depreciation (72,100)
Total land and buildings$82,400
Short-term debt 17,800
Notes payable 33,800
Total current liabilities$109,800
Long-term debt 51,400
Common stock, no par$22,300
Retained earnings 54,400
Total Stockholders' Equity$76,700
Total liabilities and Stockholders' Equity$237,900
Using the preceding information, complete the balance sheet for Harris, Inc., at December 31, 2014.
SEE ATTACHED PICTURE FOR BALANCE SHEET
Complete the statement of changes in retained earnings for the year ended December 31, 2014. (Amounts to be deducted should be indicated by minus sign.)
Retained Earnings for Jan 1 2014:
Add: Dividends for the year:
Less: Dividends for the year:
Retained earnings balance, Dec 31 2014
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