Reference no: EM131775373
Edwards Inc has prepare the following comparative balance sheets for 2003 and 2004:
2004 2003
Cash 198000 102000
Receivables 106000 78000
Inventory 100000 120000
Prepaid Expense 12000 18000
Building 840000 700000
Accu Depr Building (300000) (250000)
Equipment 200000 300000
Accu Depr Equipment (120000) (140000)
Patent 102000 116000
======== ========
1138000 1044000
Accounts Payable 102000 112000
Accrued Liabilities 40000 88000
Mortgage Payable 0 400000
Preferred Stock 350000 0
Additional paid in capital preferred 80000 0
Common Stock 480000 400000
Retained Earnings 86000 44000
========= =========
1058000 1044000
1) The depreciation on the building was 50,000 and on the equipment it was 20,000. There were no purchases of equipment, and equipment was sold for 70,000.
2) Net income for the year was 134,000
From the information above, prepare a statement of cash flows (indirect method) for Edwards inc for the year ended December 31, 2004.
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