New equipment was purchased for 59000 with payment made as

Reference no: EM13571908

Prepare a statement of cash flows (indirect method) in good form for Lynch Foundries Inc. for 2014.

Information in addition to the comparative balance sheet data below includes:

New equipment was purchased for $59,000, with payment made as $40,000 down and a long-term note for the balance. The short-term note payable was arranged with a supplier to finance inventory purchases on credit. In 2014, Lynch declared and paid dividends of $15,000; the only other item affecting Retained Earnings was net income.

	Dec 31, 2014	Dec 31, 2013
Cash & cash equivalents	$ 42,000	$ 33,000
Accounts receivable	84,000	77,000
Inventory	95,700	131,000
Property, plant & equipment	560,000	500,000
Accumulated depreciation-PPE	(231,500)	(210,000)
TOTAL ASSETS	$ 550,200	$ 531,000

Short-term notes payable	$ --	$ 30,000
Accounts payable	81,000	69,000
Long-term notes payable	110,000	90,000
Bonds payable	60,000	120,000
Common stock, $1 par	35,000	35,000
Additional paid-in capital	165,000	165,000
Retained earnings	99,200	22,000
TOTAL LIAB & S/H EQUITY	$ 550,200	$ 531,100

Reference no: EM13571908

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