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Reposed, Inc._Statement of Cash Flows

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Question;Shown below are the comparative financial statements for Reposed, Inc. for the year ended December 31, 2013, and December 31, 2012.Reposed, Inc.Income StatementFor the Period Ended December 312012 2011 changeSales $ 6,601,000 $ 2,402,500 $ 4,198,500Cost of goods sold 3,960,600 1,441,500 $ 2,519,100Gross profit 2,640,400 961,000 $ 1,679,400Selling and administration expense $ 726,110 $ 264,275 461,835Loss on sale of land 50,000 50,000Interest expense 273,988 1,050,098 42,152 306,427 231,836Net income before taxes 1,590,302 654,573 $ 935,729Income tax expense 363,055 132,138 $ 230,917Net income (loss) $ 1,227,247 $ 522,435 $ 704,812Earnings (loss) per share $ 11.16 $ 5.222012 2011 changeNet income (loss) $ 1,227,247 $ 522,435 $ 704,812Unrealized holding gains (losses) 422,625 28,101 $ 394,524Total comprehensive income $ 1,649,872 $ 550,536 $ 1,099,336Reposed, Inc.Income StatementFor the Period Ended December 31Reposed, Inc.Comprehensive Income StatementFor the Period Ended December 31University of Michigan DearbornACC 356 Winter 2014Quiz 6Name_______________________________________________________________________________________________________________Shown below are the comparative financial statements for Reposed, Inc. for the year ended December 31, 2013, and December 31, 2012.2 | P a g e2012 2011 changeBeginning retained earnings $ 13,130,148 $ 12,708,075 $ 422,073Net income (loss) 1,227,247 522,435 $ 704,81214,357,395 13,230,510 $ 1,126,885Total dividends 161,767 100,362 $ 61,405Ending retained earnings $ 14,195,628 $ 13,130,148 $ 1,065,4802012 2011 changeBeginning accumulated other comprehensive income $ 329,186 $ 301,085 $ 28,101Other comprehensive income 422,625 28,101 $ 394,524Ending accumulated other comprehensive income $ 751,811 $ 329,186 $ 422,625For the Period Ended December 31Reposed, Inc.Retained Earnings StatementFor the Period Ended December 31Reposed, Inc.Statement of Accumulated Other Comprehensive Income3 | P a g eQuiz 6 Winter 20142012 2011 changeAssetsCash $ 70,000 $ 50,000 $ 20,000Available for sale securities 814,625 392,000 422,625Accounts receivable $ 322,000 $ 155,000 167,000(28,980) 293,020 (13,950) 141,050 (15,030)Inventory 332,500 160,000 172,500Current assets 1,510,145 743,050Long-term investments 1,221,938 352,800 869,138Property, plant and equipmentLand $ 8,731,800 6,468,000 2,263,800Equipment 16,062,948 $ 8,408,400 7,654,548Building 2,156,000 2,156,000 -(1,320,550) 25,630,198 (1,056,440) 15,975,960 (264,110)Goodwill 3,557,400 2,371,600 1,185,800Total long-term assets 30,409,536 18,700,360Total assets $ 31,919,681 $ 19,443,410 Less: AccumulateddepreciationReposed, Inc.Balance SheetDecember 31Less: Allowance for uncollectible accounts4 | P a g eReposed, Inc.Balance SheetDecember 312012 2011 changeEquitiesLiabilitiesAccounts payable $ 3,630,550 $ 1,081,125 2,549,425Wages payable 1,452,220 324,338 1,127,882Unearned service revenue 1,545,600 248,000 1,297,600Current liabilities $ 6,628,370 $ 1,653,463Note Payable (5 years) - 702,533 (702,533)Bonds payable 20-years 4,566,465 4,566,465Deferred tax liability - long-term 439,083 175,633 263,450Total liabilities 11,633,918 2,531,629Stockholders' equityPreferred stock $ - $ 140,507 (140,507)Common stock 3,235,348 2,007,236 1,228,112Additional-paid-in-capital 2,588,278 1,605,789 982,489Total contributed capital 5,823,626 3,753,532Ending accumulated other comprehensive income 751,811 329,186 422,625Ending retained earnings 14,195,628 13,130,148 1,065,48020,771,065 17,212,866Less Treasury stock (485,302) (301,085) (184,217)Total stockholders' equity 20,285,763 16,911,781Total equity $ 31,919,681 $ 19,443,410 $ - The only sale of long-term property was a section of land with a book value of $200,000 which sold for $150,000.Land and equipment were purchased. Preferred stock was sold at par.Instructions:Prepare a Statement of Cash Flows for the year ended December 31, 2013. Use the indirect method to calculate cash from operations

 

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