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(solution) Following are a statement of cash flows (indirect method) for



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:


HARRIS, INC

Statement of Cash Flows

For the Year Ended December 31, 2014

Cash Flows from Operating Activities:

Net income$13,100

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)



HARRIS INC

Balance Sheet

At December 31, 2013

Assets

Cash$16,700

Accounts receivable 62,100

Merchandise inventory 76,700


Total current assets$155,500

Land 34,200

Buildings 120,300

Less: Accumulated depreciation (72,100)


Total land and buildings$82,400


Total assets$237,900


Liabilities

Accounts payable$58,200

Short-term debt 17,800

Notes payable 33,800


Total current liabilities$109,800

Long-term debt 51,400

Stockholders' Equity

Common stock, no par$22,300

Retained earnings 54,400


Total Stockholders' Equity$76,700


Total liabilities and Stockholders' Equity$237,900


Required:

a.

Using the preceding information, complete the balance sheet for Harris, Inc., at December 31, 2014.

SEE ATTACHED PICTURE FOR BALANCE SHEET


b.

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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