Five Avalos Corporation is preparing its annual financial statements at December

Question

Five Avalos Corporation is preparing its annual financial statements at December 31 of the current year. Listed here are the items on its statement of cash listed amount should be subtracted on the cash flow statement. The beginning balance in cash was $28,000 and the ending balanoe was fows presented in aiphabetical order $58,900 Cash borrowed on three-year note Decrease in accounts payable Decrease in inventory Increase in accounts receivable Land purchased Net income New delivery truck purchased for cash Stock issued for cash 32,000 (5,000) 1,800 (5,500) 27,000 (8,400) 28,000 Required Prepare the current year statement of cash flows for Avalos Corporation. (Cash outflows should be indicated with negetive amounts.) AVALOS CORPORATION Statement of Cash Flows From operating activites From investing activities From financing acivities

Explanation / Answer

1) Current year statement of cash flow :

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Cash flow from operating activities Net income 27000 Adjustment to reconcile net income to cash flow from operating activities Decrease inventory 1800 Decrease account payable -5000 Increase account receivable -5500 -8700 Net cash flow from operating activities 18300 Cash flow from investing activities Land purchase -37000 Delivery truck purchase -8400 Net cash used in investing activities -45400 Cash flow from financing activities Stock issued 26000 Cash borrowed from notes 32000 Net cash flow from financing activities 58000 Net cash flow 30900 Beginning cash 28000 Ending cash 58900

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