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Problem 23-6

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

MARCUS INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2012 AND 2011
December 31
Debit Accounts 2012 2011
Cash $41,940 $33,490
Accounts Receivable 70,330 60,340
Inventory 29,850 24,210
Investments (available-for-sale) 22,460 38,200
Machinery 30,150 19,150
Buildings 67,150 56,070
Land 7,440 7,440
$269,320 $238,900
Credit Accounts
Allowance for Doubtful Accounts $2,850 $1,130
Accumulated Depreciation—Machinery 6,280 2,160
Accumulated Depreciation—Buildings 14,010 8,730
Accounts Payable 35,650 24,290
Accrued Payables 3,240 2,817
Long-Term Notes Payable 20,770 31,040
Common Stock, no-par 150,700 124,300
Retained Earnings 35,820 44,433
$269,320 $238,900

Additional data (ignoring taxes):

1. Net income for the year was $39,067.
2. Cash dividends declared and paid during the year were $21,280.
3. A 20% stock dividend was declared during the year. $26,400 of retained earnings was capitalized.
4. Investments that cost $25,000 were sold during the year for $28,340.
5. Machinery that cost $3,210, on which $727 of depreciation had accumulated, was sold for $1,662.

Marcus’s 2012 income statement follows (ignoring taxes).

Sales $537,688
Less: cost of goods sold 380,630
Gross margin 157,058
Less: Operating expenses (includes $10,127 depreciation and $5,970 bad debts) 120,510
Income from operations 36,548
Other: Gain on sale of investments $3,340
Loss on sale of machinery (821 ) 2,519
Net income $39,067

(a)Compute net cash flow from operating activities using the direct method.

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