Exercise 23-11 Condensed financial data of Pat Metheny Company for 2014 and 2013
ID: 2416343 • Letter: E
Question
Exercise 23-11
Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.
PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013
2014
2013
$1,791
$1,091
1,748
1,298
1,595
1,904
1,894
1,693
(1,198
(1,166
1,306
1,475
$7,136
$6,295
$1,202
$787
205
238
1,413
1,637
1,906
1,709
2,410
1,924
$7,136
$6,295
PAT METHENY COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014
$6,835
4,695
2,140
925
1,215
81
1,296
540
270
$486
Additional information:
During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
PAT METHENY COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2014
(Indirect Method)
PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013
2014
2013
Cash$1,791
$1,091
Receivables1,748
1,298
Inventory1,595
1,904
Plant assets1,894
1,693
Accumulated depreciation(1,198
)(1,166
) Long-term investments (held-to-maturity)1,306
1,475
$7,136
$6,295
Accounts payable$1,202
$787
Accrued liabilities205
238
Bonds payable1,413
1,637
Capital stock1,906
1,709
Retained earnings2,410
1,924
$7,136
$6,295
Explanation / Answer
investing activities
financing activities
operating activities net income 756 depreciation 32 increase in receivable -450 decrease in inventory 309 increase in accounts payable 415 decrease in accrued liabilities -33 decrease in bonds payable -224investing activities
capex -201 decrease in investments 169financing activities
increase in stock 197 dividend -270 change in cash 700 opening cash 1091 ending cash 1791Related Questions
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