Brecker Inc., a greeting card company, had the following statements prepared as
ID: 2454290 • Letter: B
Question
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2014.
BRECKER INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013
12/31/14
12/31/13
$5,927
$8,948
62,018
48,834
35,162
17,922
39,807
59,962
5,053
4,052
153,760
129,670
(34,837
)
(25,109
)
46,131
49,974
$313,021
$294,253
$45,950
$42,003
4,195
5,963
7,959
3,851
7,891
10,030
60,181
66,802
102,060
102,060
30,650
30,650
54,135
32,894
$313,021
$294,253
BRECKER INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2014
$339,637
175,910
163,727
120,480
43,247
$11,409
1,986
9,423
33,824
6,665
$27,159
Additional information:
Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
BRECKER INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
BRECKER INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013
12/31/14
12/31/13
Cash$5,927
$8,948
Accounts receivable62,018
48,834
Short-term investments (available-for-sale)35,162
17,922
Inventory39,807
59,962
Prepaid rent5,053
4,052
Equipment153,760
129,670
Accumulated depreciation—equipment(34,837
)
(25,109
)
Copyrights46,131
49,974
Total assets$313,021
$294,253
Accounts payable$45,950
$42,003
Income taxes payable4,195
5,963
Salaries and wages payable7,959
3,851
Short-term loans payable7,891
10,030
Long-term loans payable60,181
66,802
Common stock, $10 par102,060
102,060
Contributed capital, common stock30,650
30,650
Retained earnings54,135
32,894
Total liabilities & stockholders’ equity$313,021
$294,253
Explanation / Answer
Brecker Inc., a greeting card company, had the following statements prepared as
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