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EB-3B (SCFIndirect Method) Condensed financial data of Fulton Corp. for 2008 and 2007 are presented...

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Accounting

EB-3B (SCFIndirect Method) Condensed financial data of Fulton Corp. for 2008 and 2007 are presented below.

image

Additional info:

During the year, $100 of common stock was issued in exchange for land.

No plant assets were sold in 2017.

Instruction:

Prepare a statement of cash flows using the indirect method

FULTON CORP COMPARATIVE BALANCE SHEET As OF DECEMBER 31 5 2017 2016 $ 600 2,100 1,200 Receivables 1,600 1,600 (600) 5,650 $ 750 Inventory Plant assets Accumulated depreciation (455) $4,845 $1,200 Accounts payable Accrued liabilities Bonds payable Capital stock Retained earnings 1,500 $5,650 $4,845 FULTON CORP INCOME STATEMENT FoR THE YEAR ENDED DECEMBER 31 Cost of goods sold Gross margin Selling and administrative expense Income from operations Other revenues and gains $15,200 10,400 4,800 1,205 3,595 Loss on sale of investments Income before income tax Income tax expense Net income Cash dividends Income retained in business 3,545 1,400 2,145 S 1,545

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