The financial statements of Resolute Inc. are presented here:RESOLUTE INC.Statement of Financial PositionDecember 31Assets20152014Cash$12,810$5,100Accounts receivable38,30023,800Merchandise inventory27,73020,350Property, plant, and equipment79,00075,640Accumulated depreciation(29,920)(24,890)Goodwill5,48015,360Total assets$133,400$115,360Liabilities and Shareholdersâ€™ EquityAccounts payable$17,650$15,530Salaries payable1,9102,140Income tax payable1,1704,170Bank loan payable32,83046,560Common shares18,17014,570Retained earnings56,92027,640Accumulated other comprehensive income4,7504,750Total liabilities and shareholdersâ€™ equity$133,400$115,360RESOLUTE INC.Income StatementYear Ended December 31, 2015Sales$254,990Cost of goods sold140,430Gross profit114,560Operating expenses77,940Profit from operations36,620Interest expense4,030Profit before income tax32,590Income tax expense3,310Profit$29,280Additional information:1.Equipment was sold during the year for $8,460 cash. The equipment originally cost $11,910 and had a carrying amount of $8,460 at the time of sale.2.Equipment costing $15,270 was purchased in exchange for $4,380 cash and a $10,890 long-term bank loan.3.Accounts payable relate to merchandise creditors.4.Some of the bank loan was repaid during the year.5.Operating expenses are composed of $8,480 of depreciation expense, $7,840 of administrative expenses, $51,740 of salaries expense, and an $9,880 impairment loss on goodwill.Prepare the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The financial statements of Resolute Inc. are presented here:RESOLUTE INC.Statement of Financial Pos
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