Barry’s Clothing Stores, Inc. released its annual report for the current year and included the…

Barry’s Clothing Stores, Inc. released its annual report for the current year and included the following comparative balance sheets and income statement. Additional Information: 1. Barry’s sold investments with a cost of $ 115,088 at a loss of $ 22,088. It included this loss in investment income on the income statement. 2. Barry’s acquired additional shares as investments to be carried at fair value. It accounted for all investments, other than investments carried under the equity method, as available- for- sale securities. Barry’s recorded a $ 9,300 unrealized loss for the current year. 3. Barry’s reported accounts receivable net of the allowance for bad debts. 4. The company did not acquire any plant and equipment during the year, but sold a piece of equipment with a carrying value of $ 307,830. 5. Barry’s did not increase its percentage ownership of its equity investee (affiliate company). 6. Barry’s sold one of its franchises at book value. 7. Barry’s reported the loss from discontinued operations net of tax and as a cash transaction. 8. The company is not required to make payments on long- term debt other than the current portion. 9. The company borrowed an additional $ 1,046 by issuing a long-term note at the end of the year. 10. The company repurchased treasury stock at a cost of $ 300,000. Required Prepare the current-year cash flow statement for Barry’s Clothing Stores, Inc. under the indirect method. Present required disclosures.

 

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