Reference no: EM132950383

Ramos Corporation's comparative balance sheets are presented below: Ramos Corporation Comparative Balance Sheets Dec.11, 2019

                                                                  2019                    2018

Cash                                          P 15,200          P 17,700

Accounts Receivable                      25,200             22,300

Investments                                20,000               16,000

Equipment                                      60,000          70,000

Accumulated Depreciation- Equipment ( 14,000)    (10,000)

Total                                            106,400     116,000

Liabilities and Stockholder's

Equity Accounts Payable               P 14,600     P 11,100

Bonds Payable                          10,000          30,000

Common Stock                            50,000         45,000

Retained Earnings                        31,800         29,900

Total                                       106,400          116,000

Additional information:

1. Net income was P 18,300. Dividends declared and paid were P 16,400.

2. Equipment which cost P10,000 and had accumulated depreciation of P1,200 was sold for P3,300. 3. No noncash investing and financing activities occurred in 2019.

Problem 1: Prepare a Statement of Cash Flows for 2019 using the indirect method.