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Marcus inc. – statement of cash flows

Comparative balance sheet accounts of Marcus Inc. are presented below.

AS OF DECEMBER 31, 2014 AND 2013
December 31
Debit Accounts 2014 2013
Cash $42,050 $34,060
Accounts Receivable 70,470 59,520
Inventory 29,440 24,030
Investments (available-for-sale) 22,300 38,440
Machinery 30,120 18,400
Buildings 67,850 55,860
Land 7,500 7,500
$269,730 $237,810
Credit Accounts
Allowance for Doubtful Accounts $2,150 $1,480
Accumulated Depreciation—Machinery 6,460 2,010
Accumulated Depreciation—Buildings 13,550 8,980
Accounts Payable 35,550 24,100
Accrued Payables 3,302 2,851
Long-Term Notes Payable 21,480 30,900
Common Stock, no-par 150,600 125,400
Retained Earnings 36,638 42,089
$269,730 $237,810

Additional data (ignoring taxes):

1. Net income for the year was $40,629.
2. Cash dividends declared and paid during the year were $20,880.
3. A 20% stock dividend was declared during the year. $25,200 of retained earnings was capitalized.
4. Investments that cost $25,280 were sold during the year for $28,320.

Machinery that cost $3,220, on which $788 of depreciation had accumulated, was sold for $1,624.

Marcus’s 2014 income statement follows (ignoring taxes).

Sales revenue $539,317
Less: Cost of goods sold 380,450
Gross margin 158,867
Less: Operating expenses (includes $9,808 depreciation and $5,970 bad debts) 120,470
Income from operations 38,397
Other: Gain on sale of investments $3,040
          Loss on sale of machinery (808 ) 2,232
Net income $40,629

(a) Compute net cash flow from operating activities using the direct method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Net cash flow from operating activities $

(b) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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