The following information is available for Ramos Corporation for the year ended December 31, 2014.Beginning cash balance $ 79,425Accounts payable decrease 6,531Depreciation expense 285,930Accounts receivable increase 14,473Inventory increase 19,415Net income 501,437Cash received for sale of land at book value 61,775Cash dividends paid 21,180Income taxes payable increase 8,296Cash used to purchase building 510,085Cash used to purchase treasury stock 45,890Cash received from issuing bonds 353,000Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e. g. -15,000 or in parenthesis e. g. (15,000).)

Please see the statement of cash flows prepared below.

Explanation:

Ramos Corporation

Statement of cash flows

Net income                                                                        $501,437

Add: Depreciation expense                                              285,930

        Income taxes payable increase                                   8,296

Less: Accounts payable decrease                                       (6,531)

         Accounts receivable increase                                  (14,473)

         Inventory increase                                                     (19,415)

Net cash flows from operating activities (a)          755,244

Proceed from sale of land                                                    61,775

Purchase of building                                                        (510,085)

Net cash flows from investing activities (b)         (448,310)

Cash dividends paid                                                           (21,180)

Purchase treasury stock                                                   (45,890)

Proceed from the issue of bonds                                    353,000

Net cash flows from financing activities (c)          285,930

Net increase in cash and cash equivalents (d=a+b+c)592,864

Cash balance at the beginning of the year                     79,425

Cash balance at the end of the year                           $672,289

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