Using the data provided, prepare a complete Statement of Cash Flows using both the direct and the indirect method of determining the cash flow from operating activities. Note that to complete the assignment you will need to calculate items such as dividends paid (Retained Earnings₂₀₁₄ + Net income₂₀₁₅ Retained Earnings₂₀₁₅ = Dividends paid₂₀₁₅), and fixed asset acquisitions (Net Fixed Assets₂₀₁₄ Net Book Value of Fixed Assets Sold₂₀₁₅ Depreciation Expense₂₀₁₅ Net Fixed Assets₂₀₁₅ = New fixed assets acquired₂₀₁₅.

Assets	2015	2014		Sales	$90,478
Cash	$1,498	$1,234		Less: Cost of goods sold	46,924
Accounts receivable	8,128	7,955		Gross profit	43,554
Inventories	15,842	16,298		Less: Cash operating expenses	19,980
Other current assets	8,032	7,933		Depreciation expense	5,038
Total current assets	33,500	33,420		Amortization expense	783
Gross fixed assets	73,502	70,545		Operating income (EBIT)	17,753
Accumulated depreciation	(39,845)	(38,923)		Less: Interest expense	2,678
Net fixed assets	33,657	31,622		Equity in earnings (loss) of affiliate	678
Investment in affiliates	3,785	3,107		Gain (loss) on sale of fixed assets	(649)
Intangible assets	13,073	13,856		Earnings before taxes	15,104
Other noncurrent assets	3,793	3,590		Less: Tax expense	5,111
Total assets	$87,808	$85,595		Net income	$9,993
Liabilities and Equity
Accounts payable	5,738	5,985
Accrued expenses	7,346	6,895
Current maturities of LT debt	4,032	3,786
Short-term debt	1,665	1,921
Deferred revenue	1,188	976
Other current liabilities	681	757
Total current liabilities	20,650	20,320
Long-term debt	22,755	23,374
Deferred income taxes	3,882	4,115
Other noncurrent liabilities	8,486	7,982
Total liabilities	55,773	55,791
Common stock	35	25
Additional paid-in capital	9,813	9,466
Retained earnings	22,187	20,313
Total equity	32,035	29,804
Total liabilities and equity	$87,808	$85,595

Footnote

During the year, the company received cash of $1,525 when it sold fixed assets that had a stated net book value of $2,174, which gave rise to the $649 loss that appears on the income statement.

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Note: Check figure for cash flow from operations = $16,377.