Eldridge Company Balance Sheets 31-Dec Assets 2009 2008 Cash $295

    Eldridge Company

    Balance Sheets

    31-Dec

    Assets 2009 2008

    Cash $29568 $27648

    Accounts Receivable $38616 $35280

    Merchandise Inventory $87750 $74052

    Long-term Investments $67080 $67680

    Machinery $210600 $174600

    Acculated Depreciation ($40260) ($341440)

    Total assets $393354 $341820

    Liabilities

    Accounts Payable $78000 $48456

    Income taxes payable $12870 $12240

    Bonds Payable $58500 $79200

    Total Liabilities $149370 $139896

    Equity

    Common Stock $140400 $48456

    Contributed capital in excess of par $15600 $12240

    Retained Earnings $87984 $79200

    Total Equity $243984 $201924

    Total Liabilities and Equity $393354 $341820

    Eldridge Company

    Income Statement

    For year Ended December 312009

    Sales $288000

    Cost of Goods Sold $97080

    Depreciation Expense $35280

    Other operating Expenses $57600

    Interest Expense $2400 ($192360)

    Other Earnings

    Los on sale of Equipment ($10080)

    Income before taxes $85560

    Income taxes Expense $33180

    Net Income $52180Please follow the questions and balance sheet and Income statement are attached.

    Additional Information

    1. There was no gain or loss on the sales of the long-term investments nor on the bonds retired.

    2. Old machinery with an original cost of $45060 was sold for $2520 cash.

    3. New machinery was purchased for $81060 cash.

    4. Cash dividends of $ 40320 were paid.

    5. Additional shares of stock were issued for cash

    Prepare a complete statement of cash flows for calendar-year 2009 using the indirect method.

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