Solved: Prepare a statement of cash flows for prince corporation, Accounting Basics

Prepare a statement of cash flows for prince corporation

The following information is taken from Prince corporations financial statements.

2004 2003

Cash 100000 27000

Accounts Receivable 95000 80000

Allowance for Doubtful Accounts (4500) (3100)

Inventory 145000 175000

Prepaid Expenses 7500 6800

Land 100000 60000

Buildings 287000 244000

Accumulated Depreciation (35000) (13000)

Patents 20000 35000

====== =======

715000 611700

======= =======

Accounts Payable 90000 84000

Accrued Liabilities 54000 63000

Bonds Payable 135000 60000

Common Stock 100000 100000

Retained Earnings 351000 312700

Treasury Stock, at cost (15000) (8000)

======= ========

715000 611700

Additional Info

Net Income 63300

Depreciation Expense 22000

Amortization of patents 5000

Patents were sold for 14000

Prepare a statement of cash flows for Prince Corporation for the year 2004 (use indirect method)

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