21.5 Comparative balance sheets for 2018 and 2017 and a statement of income for

Question

21.5

Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries Additional information from the accounting records of Metagrobolize also is provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ( in 000s) 2018 2017 Assets Cash Accounts receivable Inventory Land Building $500305 310 410 735 700 590 740 750 700 (200) Less: Accumulated depreciation (185) Equipment 3,100 2,870 Less: Accumulated depreciation (360) 1,200 1,450 $6,983 6,235 Patent Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 840640 230 270 130 3,500 540 1,493 11329 6,983 6,235 3,700 550

Explanation / Answer

METAGROBOLTZE INDUSTRIES Statement of Cash Flows For the year ended December 2016 Amount $ Operating Activities Net Income 763 Adjustments: Non-Cash adjustment: Depreciation & Amortization (15+496+250) 761 Loss on sale of equipment                 20 Gain on sale of land                -90 Due to changes in Working capital Due to changes in accounts receivable (310-590) -280 Due to changes in Inventories (410-740)              -330 Due to changes in accounts payable (840-640)               200 Due to changes in accruals (270+130-230)               170 Net Cash provided (used) by operating activities            1,214 Investing Activities Cash used to acquire Equipment (3100+510-2870)              -740 Due to changes in land (90-(750-735))                 75 Cash from sale of equipment (510*10%-20)                 31 Net cash provided (used) by investing activities              -634 Financing Activities Due to change in common stock (3700+550-3500-540)               210 Payment of common dividends (385+210)              -595 Net cash provided (used) by investing activities)              -385 Net increase/decrease in cash               195 Add: Cash balance at the begining of the year               305 Cash balance at the end of the year               500

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