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Problem 1 (14 Marks) CAROLINA CORPORATION Comparative Statements of Financial Position December 31 2014 2013 Cash .
Problem 1 (14 Marks) CAROLINA CORPORATION Comparative Statements of Financial Position December 31 2014 2013 Cash ..................................................... $ 43,000 $ 24,000 Accounts receivable, net .......................... 35,000 38,000 Inventory ............................................... 114,000 82,000 Land ...................................................... 120,000 190,000 Building ................................................. 200,000 200,000 Accumulated depreciation ......................... (50,000) (40,000) Equipment ............................................. 1,030,000 600,000 Accumulated depreciation ......................... (118,000) (94,000) $1,374,000 $1,000,000 Accounts payable .................................... $ 115,000 $ 100,000 4% Bonds payable .................................. 320,000 -0- Common shares ...................................... 750,000 750,000 Retained earnings ................................... 189,000 150,000 $1,374,000 $1,000,000 Additional data: 1. Net income for the year was $84,000. 2. Cash dividends were paid. 3. Land was sold for $80,000. 4. Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it. Instructions Prepare statement of cash flows for calendar 2014, using the indirect method.
