from Rick Corporation's financial statements: Land Buildings Accumulated depreciation - building Equipment under finance lease Patents, net of accumulated amortization Cash Accounts receivable Inventory Prepaid expenses December 31 2015 S 82,000 90,500 145,000 7,500 93,000 287,000 2014 $ 27,000 76,900 175,000 6,800 60,000 244,000 (13,000) (35,000) 100,000 20,000 $790,000 35,000 $611,700 Accounts payable Accrued pension liability Finance lease obligation Bonds payable $ 90,000 54,000 90,000 125,000 100,000 346,000 (15,000) $790,000 $ 84,000 63,000 60,000 Common shares Retained earnings 100,000 312,700 Treasury shares, at cost (8,000) $611,700 Additional Information For 2015 Year $53,300 $22,000 $15,000 $7,000 $20,000 Net income Depreciation expense Pension expense Amortization of patents Cash dividends declared and paid Proceeds from sale of patents Equipment finance lease payment $8,000 $10,000 Required: Prepare a statement of cash flows (indirect method) for Rick Corporation for the year 2015.
from Rick Corporation's financial statements: Land Buildings Accumulated depreciation - building Equipment under finance lease Patents, net of accumulated amortization Cash Accounts receivable Inventory Prepaid expenses December 31 2015 S 82,000 90,500 145,000 7,500 93,000 287,000 2014 $ 27,000 76,900 175,000 6,800 60,000 244,000 (13,000) (35,000) 100,000 20,000 $790,000 35,000 $611,700 Accounts payable Accrued pension liability Finance lease obligation Bonds payable $ 90,000 54,000 90,000 125,000 100,000 346,000 (15,000) $790,000 $ 84,000 63,000 60,000 Common shares Retained earnings 100,000 312,700 Treasury shares, at cost (8,000) $611,700 Additional Information For 2015 Year $53,300 $22,000 $15,000 $7,000 $20,000 Net income Depreciation expense Pension expense Amortization of patents Cash dividends declared and paid Proceeds from sale of patents Equipment finance lease payment $8,000 $10,000 Required: Prepare a statement of cash flows (indirect method) for Rick Corporation for the year 2015.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following information is taken from Rick Corporation's financial statements:
tion 7. (15 Marks)
Cash
Accounts receivable
Inventory
Prepaid expenses
December 31
2015
S 82,000
90,500
145,000
7,500
93,000
287,000
(35,000)
100,000
20.000
$790,000
2014
$ 27,000
76,900
175,000
Land
Buildings
Accumulated depreciation - building
Equipment under finance lease
Patents, net of accumulated amortization
6,800
60,000
244,000
(13,000)
35,000
$611,700
Accounts payable
Accrued pension liability
Finance lease obligation
Bonds payable
Common shares
Retained earnings
Treasury shares, at cost
$ 84,000
63,000
$ 90,000
54,000
90,000
125,000
60,000
100,000
100,000
346,000
(15,000)
$790,000
312,700
(8,000)
$611,700
Additional Information For 2015 Year
$53,300
$22,000
$15,000
$7,000
$20,000
$8,000
$10,000
Net income
Depreciation expense
Pension expense
Amortization of patents
Cash dividends declared and paid
Proceeds from sale of patents
Equipment finance lease payment
Required:
year 2015.
Prepare a statement of cash flows (indirect method) for Rick Corporation for the](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9874982f-f2f2-40e1-a309-9bc44d53f758%2F549f957e-0e96-44a3-986b-cf3e96342a72%2Fr9xach9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information is taken from Rick Corporation's financial statements:
tion 7. (15 Marks)
Cash
Accounts receivable
Inventory
Prepaid expenses
December 31
2015
S 82,000
90,500
145,000
7,500
93,000
287,000
(35,000)
100,000
20.000
$790,000
2014
$ 27,000
76,900
175,000
Land
Buildings
Accumulated depreciation - building
Equipment under finance lease
Patents, net of accumulated amortization
6,800
60,000
244,000
(13,000)
35,000
$611,700
Accounts payable
Accrued pension liability
Finance lease obligation
Bonds payable
Common shares
Retained earnings
Treasury shares, at cost
$ 84,000
63,000
$ 90,000
54,000
90,000
125,000
60,000
100,000
100,000
346,000
(15,000)
$790,000
312,700
(8,000)
$611,700
Additional Information For 2015 Year
$53,300
$22,000
$15,000
$7,000
$20,000
$8,000
$10,000
Net income
Depreciation expense
Pension expense
Amortization of patents
Cash dividends declared and paid
Proceeds from sale of patents
Equipment finance lease payment
Required:
year 2015.
Prepare a statement of cash flows (indirect method) for Rick Corporation for the
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