Condensed financial data of Fulton Corp. for 2014 and 2013 are presented below.

FULTON CORP.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31
		–	2014	2013
Cash			$ 800	$600
Investments			–0–	200
Receivables			2,250	2,100
Inventory			1,600	1,200
Plant assets			1,600	1,200
Accumulated depreciation			(600)	(455)
		Total Assets	$5,650	$4,845
Accounts payable			$750	$1,200
Accrued liabilities			330	520
Bonds payable			800	1,000
Capital stock			1,500	1,400
Retained earnings			2,270	725
		Total Liabilities & Equity	$5,650	$4,845

FULTON CORP.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31,2014
Sales	$15,200
Cost of goods sold	10,400
Gross margin	4,800
Selling and administrative expense	1,205
Income from operations	3,595
Other revenues and gains
Loss on sale of investments	50
Income before income tax	3,545
Income tax expense	1,400
Net income	2,145
Cash dividends	600
Income retained in business	$1,545

Additional information:

During the year, $100 of common stock was issued exchange for land. No plant assets were sold in 2014.

Instructions:

Prepare a statement of cash flows using the indirect method.

Answer rating: 100% (QA)

FULTON CORP Cash Flow Statement using indirect method Particulars Amount Amount ... View the full answer