The following three accounts appear in the general ledger of Ivanhoe Company dur

Question

The following three accounts appear in the general ledger of Ivanhoe Company during 2017 Equipment Date Debit an. 1 ace uly 31 Purchase of equipment Sept. 2 Cost of equipment constructed Nov 10 Credit Balance 234,240 336,720 414,312 71,736 342,576 102,480 77,592 Cost of equipment sold Accumulated Depreciation-Equipment Date an. 1 ace Nov 10 Dec. 31 Depreciation for year Debit Credit Balance 103,944 80,520 40,992 121,512 Accumulated depreciation on equipment sold23,424 Retained Earnings Date an. 1 ace Aug Debit Credit Balance 153,720 133,224 105,408 238,632 Dividends (cash) 20,496 23 Dec. 31 Net income

Explanation / Answer

Partial Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flow s from Operating Activities: Net Income 105408 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 40992 Loss on Disposal of Plant Assets 11712 52704 Net Cash Provided by Operating Activities 158112 Cash Flow s from Investing Activities: Sale of Plant Assets 36600 Construction of Equipment -77592 Purchase of Equipment -102480 Net Cash Used by Investing Activities -143472 Cash Flow s from Financing Activities: Payment of Cash Dividends -20496 Working: Sale of Plant Assets=71736-23424-11712=$36600

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