a) Prepare a statement of cash flows for 2014 using the indirect method. b) Compute the following ratios quick ratio, DSO, DPO, ROE Scmitt Co 31-Dec Assets 2014 2013 Cash AR Inventory Land Equipment Accum Depre $68,000 88,000 167,000 80,000 260,000 -66,000 $22,000 76,000 189,000 100,000 200,000 -32,000 Total Assets $597.000 $555,000 Liabs and Stockholder's Equity AP Bonds Payable Long term Common stock ($1 par) Retained earnings $39,000 150,000 216,000 192,000 $43,000 200,000 174,000 138,000 Total Liabs and SE $597,000 $555,000 Additional info: 1. Net Income for 2014 was $93,000 2. Depreciation expense for 2014 was $34,000 3. Cash dividends of $39,000 were declared and paid in 2014 4. Bonds payable amounting to $50,000 were redeemed for cash of $50,000 in 2014 5. Common stock was issued in 2014 for $42,000 6. No equipment was sold in 2014 7. Land was sold for its book value in 2014 8. Revenue for 2014 was $540,000; all revenue was on trade credit terms