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9. The comparative balance sheets and the income statement for Ringer Equipment appear below: Dec 31, 2013 Ringer Equipment Comparative Balance Sheet Dec 31, 2014
9. The comparative balance sheets and the income statement for Ringer Equipment appear below: Dec 31, 2013 Ringer Equipment Comparative Balance Sheet Dec 31, 2014 Assets Cash $43,000 Accounts receivable 7,300 Inventory 12,000 Prepaid expenses 1,200 Equipment 54,500 Accumulated depreciation equipment 21.000 Total assets $97.000 $39,400 12,000 11,300 3,500 48,200 22,600 $91.800 Liabilities and Stockholders' Equity Accounts payable Long-term note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 14,000 18,800 28,000 36,200 $97.000 $ 12,600 26,000 22,500 30,700 $91.800 $156,000 Ringer Equipment Income Statement For the Year Ended December 31, 2014 Sales (all on credit) Expenses and losses Cost of goods sold $98,000 Operating expenses, exclusive of depreciation 23,000 Depreciation expense 2,600 Interest expense 1,200 Loss on disposal of equipment 1,100 Income tax expense 14.400 Total expenses and loss Net income 140,300 S 15.700 Cash dividends of $10,200 were paid during the year. Equipment with an original cost of $5,500, a book value of $1,300 was sold for cash at a loss. New equipment costing $11,800 was purchased for a cash Instructions: Prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method
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