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SCHMIT COMPANY Comparative Balance Sheets Dec-31 2014 2013 Assets Cash Accounts Receivable Inventory Land Equipment Accumulated depreciation- equipment Total 68.000 22.000 76.000 167.000 189.000 80.000 100.000 260.000 200.000 32.000 $597.000 555.000 88.000 66.000 2013 Liability and Stockholders Equity Accounts payable Bonds payable Common stock ($ 1par) Retained earnings 2014 39.000 S43.000 50.000 200.000 216.000 174.000 92.000 138.000 $ 597.000 555.000 Additional information 1 Nett income for 2014 was $93,000 2 Depreciation expense was $34,000 3 Cash dividends of $39,000 were declared and paid 4 Bonds payable amounting to $50,000 were redeemed for cash $50,000 5 Common stock was issued for $42,000 cash 6 No equipment was sold during 2014 7 Land was sold for its book value Instructions (a) Prepare a statement of cash flows of 2014 using the indirect method (b) Compute these cash-based ratios (1) Current cash debt coverage (2) Cash debt coverage

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