Problem 13-9A

Condensed financial data of Cheng Inc. follow.

Problem 13-9A Condensed financial data of Cheng Inc. follow. CHENG INC Comparative Balance Sheets Cash Accounts receivable Inventary Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2015 $99,060 91,370 112,200 28,590 2014 $48,970 33,410 102,570 25,240 242,500 (49,900) (52,210 $678,760$515,470- Total Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $111,580 16,340 118,980 220,260 211,600 $578,760 $67,680 17,400 149,170 174,190 106,74O 515,470 Total CHENG INC Income Statement For the Year Ended December 31, 2015 Sales $392,680 Cost of goods sold 135,590 11,890 47,190 26,390 4,130 Operating expenses, excluding depreciation Depreciation expense Incame tax expense Interest expense 5.520 231,210 Loss on disposal of plant asstets Net income 609 Additional information 1. New Equipment costing $84,810 were purchased for cash during the year 2. Old Equipment having an original cost of $57,040 was sold for $1,020 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $56,110 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow wi either a sian e.q. 15,000 or in parenthesis e.q. (15,000).) CHENG INC Statement of Cash Flows For the Year Fndderl Deecembker 31, 2015 Adjustments to reconcile net income to Question Attempts: 0 of 5 usedSAVE FOR LATER BHIT