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Hartman, Inc. has prepared the following comparative balance sheets for 2012 and 2013:
Cash $ 287,000 $ 153,000
Accounts receivable 149,000 117,000
Inventory 150,000 180,000
Prepaid expenses 18,000 27,000
Plant assets 1,280,000 1,050,000
Accumulated depreciation (450,000) (375,000)
Patent 153,000 174,000
Accounts payable $ 153,000 $ 168,000
Accrued liabilities 60,000 42,000
Mortgage payable — 450,000
Preferred stock 525,000 —
Additional paid-in capital—preferred 120,000 —
Common stock 600,000 600,000
Retained earnings 129,000 66,000
The income statement for 2013 is as follows:
Cost of sales 1,089,000
Gross profit 891,000
Operating expenses 670,000
Net income $ 221,000
(1) From the information above, prepare a statement of cash flows using the indirect method for Hartman, Inc. for the year ended December 31, 2013.
(2) From the information above, prepare a schedule of cash provided by operating activities using the direct method.
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