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.