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Condensed financial data of Fulton Corp. for 2014 and 2013 are presented below. FULTON CORP. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31 2014 2013

Condensed financial data of Fulton Corp. for 2014 and 2013 are presented below.


FULTON CORP.

COMPARATIVE BALANCE SHEET

AS OF DECEMBER 31

2014

2013

Cash

$ 800

$600

Investments

–0–

200

Receivables

2,250

2,100

Inventory

1,600

1,200

Plant assets

1,600

1,200

Accumulated depreciation

(600)

(455)

Total Assets

$5,650

$4,845

Accounts payable

$750

$1,200

Accrued liabilities

330

520

Bonds payable

800

1,000

Capital stock

1,500

1,400

Retained earnings

2,270

725

Total Liabilities & Equity

$5,650

$4,845

FULTON CORP.

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31,2014

Sales

$15,200

Cost of goods sold

10,400

Gross margin

4,800

Selling and administrative expense

1,205

Income from operations

3,595

Other revenues and gains

Loss on sale of investments

50

Income before income tax

3,545

Income tax expense

1,400

Net income

2,145

Cash dividends

600

Income retained in business

$1,545

Additional information:

During the year, $100 of common stock was issued exchange for land. No plant assets were sold in 2014.

Instructions:

Prepare a statement of cash flows using the indirect method.

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