Question
The following information is taken from Rick Corporation's financial statements: December 31 2015 2014 Cash $ 82,000 $ 27,000 Accounts receivable 90,500 76,900 Inventory 145,000
The following information is taken from Rick Corporation's financial statements:
December 31 2015 2014
Cash $ 82,000 $ 27,000
Accounts receivable 90,500 76,900
Inventory 145,000 175,000
Prepaid expenses 7,500 6,800
Land 93,000 60,000
Buildings 287,000 244,000
Accumulated depreciation - building (35,000) (13,000)
Equipment under finance lease 100,000 0
Patents, net of accumulated amortization 20,000 35,000
Total $790,000 $611,700
Accounts payable $ 90,000 $ 84,000
Accrued pension liability 54,000 63,000
Finance lease obligation 90,000 0
Bonds payable 125,000 60,000
Common shares 100,000 100,000
Retained earnings 346,000 312,700
Treasury shares, at cost (15,000) (8,000)
$790,000 $611,700
Additional Information For 2015 Year
Net income $53,300
Depreciation expense $22,000
Pension expense $15,000
Amortization of patents $7,000
Cash dividends declared and paid $20,000
Proceeds from sale of patents $8,000
Equipment finance lease payment $10,000
Required: Prepare a statement of cash flows (indirect method) for Rick Corporation for the year 2015.
(Pdta: This was a question I failed in my last quiz and I want to check my answer. If it is not enough information, could you tel me what is missing in order to check with my professor? He did not give us the answers. Thank you.
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