Reference no: EM132467676
The following information is taken from French Corporation's financial statements:
December 31
2019 2018
Cash $90,000 $ 27,000
Accounts receivable 92,000 80,000
Allowance for doubtful accounts (4,500) (3,100)
Inventory 155,000 175,000
Prepaid expenses 7,500 6,800
Land 90,000 60,000
Buildings 287,000 244,000
Accumulated depreciation (32,000) (13,000)
Patents 20,000 35,000
Total Assets $705,000 $611,700
Accounts payable $ 90,000 $ 84,000
Accrued liabilities 54,000 63,000
Bonds payable 125,000 60,000
Common stock 100,000 100,000
Retained earnings 351,000 312,700
Treasury stock, at cost (15,000) (8,000)
Total Liabilities and SE $705,000 $611,700
For 2019 Year
Net income $58,300
Depreciation expense 19,000
Amortization of patents 5,000
- French Corporation purchased some land and buildings in 2019. In addition, the company sold some of its patents. The gain or loss on the sale of patents is zero.
Required :
Question 1: Statement of cash flows for French Corporation for the year 2019. (Use the indirect method.)
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