Exercise 176 Miroz Corporation\'s comparative balance sheets are presented below

Question

Exercise 176 Miroz Corporation's comparative balance sheets are presented below. MIROZ CORPORATION Comparative Balance Sheets December 31 2017 2016 $18,700$22,700 24,70022,300 25,00016,000 70,000 Cash Accounts receivable Equipment Accumulated depreciation(14,500) (10,000) 59,000 Total Accounts payable Bonds payable Common stock Retained earnings $112,900 $121,000 $13,600 $11,100 6,000 30,000 45,000 43,300 34,900 $112,900 $121,000 50,000 Total Additional information: 1. Net income was $17,700. Dividends declared and paid were $9,300 2. Equipment which cost 511,000 and had accumulated depreciation of s2.000 was sold for $4,000. 3. All other changes in noncurrent account balances had direct effect on cash flows, except the change in accumulated depreciation. Prepare a statement of cash flows for 2017 using the indirect method (Show amounts that decrease cash fiow with either a- sign eg

Explanation / Answer

2.

MIROZ CORPORATION Statement of Cashflows   For the year Ended December 31, 2017 Cash flows from operating activities Net Income $   17,700 Adjustments to reconcile net income to : Depreciation expense $      6,500 14500-10000+2000 Loss on sale of equipment $      5,000 11000-2000-4000 Increase in accounts receivable $   (2,400) 22300-24700 Increase in accounts payable $      2,500 13600-11100 $   11,600 Net cash flow from operating activities $   29,300 Cash flows from investing activities Cash paid for purchase of investment $   (9,000) 16000-25000 Cash received from sale of equipment $      4,000 Net cash used for investing activities $   (5,000) Cash flows from financing activities Cash paid for dividend $   (9,300) Cash paid for redemption of bonds $ (24,000) 6000-30000 Cash received from issue of shares $      5,000 50000-45000 Net cash flow used by financing activities $ (28,300) Net Decrease in cash and cash equivalents $   (4,000) Cash and cash equivalents at beginning of period $   22,700 Cash and cash equivalents at end of period $   18,700

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