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Hi I need help with this question: Scheeler Company has the following comparative balance sheet data available: 12/31/2015 12/31/2014 Cash $30,000 $80,000 Accounts Receivable, net

Hi I need help with this question:

Scheeler Company has the following comparative balance sheet data available:

12/31/2015

12/31/2014

Cash

$30,000

$80,000

Accounts Receivable, net

160,000

100,000

Inventory

100,000

70,000

Prepaid Rent

20,000

10,000

Total Current Assets

$310,000

$260,000

Equipment

$400,000

$200,000

Accumulated Depreciation

(60,000)

(50,000)

Total Assets

$650,000

$410,000

Accounts Payable

$50,000

$40,000

Salaries Payable

40,000

40,000

Bonds Payable

0

50,000

Common Stock, $10 par

300,000

100,000

Additional Paid-in Capital

50,000

0

Retained Earnings

210,000

180,000

Total Liabilities & Stockholders Equity

$650,000

$410,000

Additional information:

1> The company reports net income of $100,000 and Depreciation Expense of $20,000 for the year ending December 31, 2015.

2> Dividends declared and paid in 2015, $70,000.

3> Equipment with a cost of $20,000, with Accumulated Depreciation of $10,000 was sold for $3,000.

4> New equipment was purchased for cash.

Using the indirect method, prepare the statement of cash flows for the year ending December 31, 2015.

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