Question
Vanmetre Corporations balance sheet and income statement appear below: Comparative Balance Sheet 2015 2014 Assets: Cash and cash equivalents $ 31 $ 29 Accounts receivable
Vanmetre Corporations balance sheet and income statement appear below:
Comparative Balance Sheet
2015 | 2014 | |||
Assets: | ||||
Cash and cash equivalents | $ 31 | $ 29 | ||
Accounts receivable | 61 | 73 | ||
Inventory | 59 | 61 | ||
Plant and equipment | 684 | 550 | ||
Accumulated depreciation | (349 | ) | (319 | ) |
Total assets | $ 486 | $ 394 | ||
Liabilities and stockholders' equity | ||||
Accounts payable | $ 53 | $ 54 | ||
Accrued liabilities | 72 | 69 | ||
Bonds payable | 203 | 190 | ||
Common Stock | 61 | 60 | ||
Retained earnings | 97 | 21 | ||
Total liabilities and shareholders' equity | $ 486 | $ 394 |
Income Statement for 2015
- Cash dividends were $28.
- The company sold equipment for $48 that was originally purchased for $54 and that had accumulated depreciation of $22.
REQUIRED: Prepare a statement of cash flows for the year ended December 31, 2015 using the indirect method.
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