CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-16 (Part Level Submi

Question

CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-16 (Part Level Submission) A comparative balance sheet for Sheffield Corporation is presented below December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment 2017 2016 72,75022,000 83,910 181,910 72,910 261,910 68,160 191,160 112,160 202,160 (70,910) (44,160) $602,480 $551,480 Total Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 35,910 49,160 50,000 200,000 214,000164,000 138,320 $602,480 $551,480 202,570 Total Additional information 1. Net income for 2017 was $128,820. No gains or losses were recorded in 2017 2. Cash dividends of $64,570 were declared and paid 3. Bonds payable amounting to $50,000 were retired through issuance of common stock Prepare a statement of cash flows for 2017 for Sheffield Corporation. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000).) SHEFFIELD CORPORATION

Explanation / Answer

Cash Flow Statement :-

Particulars Amount($) Amount($) Cash from Operating Activities :- Net Income 128820 Add : Depreciation ($70190 - $44160) 26750 Less : Increase in Accounts Receivable (15750) Add : Decrease in Investories 9250 Less : Decrease in Accounts Payable (13250) 7000 Net Cash From Operating Activities 135820 Cash from Investing Activities :- Purchase of Equipment ($202160-$261910) (59750) Sale of Land ($112160-$72910) 39250 Net Cash from Investing Activities (20500) (20500) Cash from Financiang Activities :- Dividend Paid (64570) Net Cash from Financing Activities (64570) (64570) Total Cash Flow 50750 Add : Opening Cash Balance 22000 Closing Balance of Cash 72750

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.