Presented below are the comparative December 31 financial statements for Noland Plumbing (in $ Millions). Prepare...

Presented below are the comparative December 31 financial statements for Noland Plumbing (in $ Millions). Prepare the operating section of the statement of cash flows for December 31, Year 2 using the indirect method.

Martin Industries, Inc.

Balance Sheets

At December 31, Year 2 and Year 1

	Year 2	Year 1
Cash	$96,719	$28,694
Accounts Receivable	100,000	85,313
Inventory	206,250	181,250
Prepaid Insurance Long-term Investments	1,875 19,375	2,500 106,250
Land, Buildings, and Equipment	1,562,500	1,406,250
Accumulated Depreciation	(762,500)	(715,000)

_
Total Assets	$1,224,219	$1,095,257

Accounts Payable	$95,425	$185,838
Salaries Payable	25,000	30,625
Notes Payable (long-term)	31,250	93,750
Bonds Payable	250,000	-
Common Stock	375,000	375,000
Retained Earnings	447,544	410,044
	$1,224,219	$1,095,257

Additional information for Year 2

(1) Sold available for sale securities costing $86,875 for $92,500.

(2) Equipment costing $25,000 with a book value of $6,250 was sold for $7,500 (Hint: You must using this information to find depreciation expense and the gain or loss on sale.

(3) Net income was $62,500.

Expert Solution

ekkarill92 answered 1 year ago

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