The Springsteen Company had Net Income on an accrual basis of $100,000 for the year-end

| November 24, 2016

Question
The Springsteen Company had Net Income on an accrual basis of $100,000 for the year-end December 31, 2014.

The following changes in the company’s account balances occurred from 1/1/14 to 12/31/14:

Accts. Rec. ($10,000)

Inventory $15,000

Prepaid Expenses ($5,000)

Property Plant and Equipment $20,000

Accumulated Depreciation $10,000

Accounts Payable ($5,000)

Accrued Expenses ($7,000)

Income Tax Payable ($5,000)

Bonds Payable $30,000

Common Stock $20,000

Retained Earnings $75,000

The company did not sell or dispose of any PPE during the year or repurchase any common stock. The company did declare and pay a dividend. The company’s cash balance at 1/1/14 was $50,000.

Prepare in good form a Statement of Cash Flow using the Indirect Method as of 12/31/14

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