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August 15th, 2017 
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42). P13-36B Prepare statements of cash flows (indirect and direct method) (Learning Objectives 1, 2 & 3):PAGE-770
Barton Publication Company, Inc., has the following comparative balance sheet as of March 31, 2010.
| Barton Publication Company, Inc.
Balance Sheet As of March 31, 2010 and 2009 |
|||
| 2010 | 2009 | Increase (Decrease) | |
| Current assets : | |||
| Cash | $ 55,600 | $14.700 | $40,900 |
| Accounts receivable | 51,400 | 53,300 | (1,900) |
| Inventories | 65,400 | 59,700 | 5,700 |
| Prepaid expenses | 3,700 | 5,100 | (1,400) |
| Long-term investment | 10,000 | 6,800 | 3,200 |
| Equipment, net | 71,700 | 70,200 | 1,500 |
| Land | 35,500 | 97,000 | (61,500) |
| Total assets | 293,300 | $306,800 | (61,500) |
| Current liabilities | |||
| Note payable, short-term | $43,200 | $48,900 | $(5,700) |
| Account payable | 4,300 | 3,500 | 800 |
| Income tax payable | 13,700 | 15,500 | (1,800) |
| Salary payable | 9,200 | 12,400 | (3,200) |
| Interest payable | 8,200 | 7,400 | 800 |
| Accrued liabilities | 2,900 | 3,400 | (500) |
| Long-term note payable | 48,900 | 93,100 | (44,200) |
| Common stock | 69,600 | 61,700 | 7,900 |
| Retained earnings | 93,300 | 60,900 | 32,400 |
| Total liabilities and equity | $293,300 | $306,800 | $(13,500) |
Selected transaction data for the year ended March 31, 2010, include the following :
- Net income, $77,000
- Paid long-term note payable with cash, $59,600
- Cash payments to employees, $43,000
- Loss on sale of land, $9,600
- Acquired equipment by issuing long-term note payable, $15,400
- Cash payments to suppliers, $147,100
- Cash paid for interest, $4,100
- Depreciation expense on equipment, $13,900
- Paid short-term note payable by issuing common stock, $5,700
- Paid cash dividends, $44,600
- Received cash for issuance of common stock, $2,200
- Cash received form customer, $299,400
- Cash paid for income taxes, $12,000
- Sold land for cash, $51,900
- Interest received (in cash), $1,000
- Purchased long-term investment for cash, $3,200
Requirements
- Prepare the statement of cash flows for Barton Publication Company, Inc., for the year ended March 31, 2010, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts except short-term notes payable result from operating transactions.
- Also prepare a supplementary schedule of cash flows from operations using the direct method.
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