ent Problem 12-9A Your answer is partially correct. Try again Condensed financia

Question

ent Problem 12-9A Your answer is partially correct. Try again Condensed financial data of Cheng Inc. follow Cheng Inc. Comparative Balance Sheets December 31 2019 2018 Assets Cash Accounts receivable Inventory Prepaid expenses Investments $80,800 $48,400 92,800 33,000 117,500 102,850 26,000 143,000 114,000 270,000 242,500 Accumulated depreciation-equipment (50,000) (52,000) $682,500 $514,750 28,400 Equipment Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $112,000 $67,300 17,000 110,000 150,000 220,000 175,000 224,000 105,450 $682,500 $514,750 16,500 Total cyPolicy I 2000-2018John wiley &Sons.; inc. All Rights Reserved. A Division ofJohn Wilo

Explanation / Answer

Cash flow Statement Cash flows from operating activities Net income for the perriod 158900 Adjustment required for reconciliation Depreciation 46500 Loss on disposal of plant 7500 Increase in accounts receivable -59800 Increase in Inventory -14650 Increase in Prepaid expense -2400 Increase in Accounts payable 44700 Decrease in Accrued expense -500 21350 Net cash provided from operating activities 180250 Cash flows from Investing activities Purchase of Investment -29000 Purchase of equipment -85000 sale of equipment 1500 Net cash used in investing activities -112500 Cash flows from Financing activities: Repayment of bonds -40000 Issue of shares 45000 Dividend paid -40350 Net cash used in financing activities -35350 Net increase in cash 32400 Add: beginning Balance in cash 48400 Ending balance in cash 80800

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