Solution-Prepare a statement of cash flows for Bruh

Prepare a statement of cash flows for Bruh Corporation

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Reference no: EM132433061

Question - The following information is taken from Bruh Corporation's financial statements:

	December 31
	2019	2018
Cash	$92,000	$72,000
Accounts receivable, net	60,500	66,900
Inventory	152,000	155,000
Prepaid expenses	7,500	8,800
Land	83,000	50,000
Buildings	244,000	244,000
Accumulated depreciation - building	(37,000)	(13,000)
Equipment under finance lease	150,000	0
Patents, net of accumulated amortization	38,000	35,000
	$790,000	$618,700
Accounts payable	$42,000	$86,000
Accrued pension liability	54,000	63,000
Finance lease obligation	140,000	0
Bonds payable	145,000	60,000
Common shares	100,000	106,000
Retained earnings	326,000	312,700
Treasury shares, at cost	(17,000)	(9,000)
	$790,000	$618,700

Additional Information For 2019 Year -

Net income	$33,300
Depreciation expense	$14,000
Impairment loss on building	$10,000
Pension expense	$15,000
Amortization of patents	$7,000
Cash dividends declared and paid	$20,000
Equipment finance lease payment	$10,000

There were no actuarial revaluations during the year. Additionally, the expected returns and actual returns on Pension Fund Assets were identical.

Common shares (other than those in treasury shares) were repurchased at their paid in value and cancelled.

Required: Prepare a statement of cash flows (indirect method) for Bruh Corporation for the year 2019.

Reference no: EM132433061

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Prepare a statement of cash flows for Bruh Corporation

Reference no: EM132433061

Reference no: EM132433061

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