ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts

Question

ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $ 14,600 21,600 20,400 70,100 $ 10,600 23,400 26,000 70,100 (15,000) (10,500) Total $111,700 $119,600 Accounts payable Common stock Retained earning:s $ 12,700 75,200 23,800 $111,700 $ 28,300 71,200 20,100 $119,600 Total Additional information: 1. Net income was $22,500. Dividends declared and paid were $18,800. 2. No noncash investing and financing activities occurred during 2017. 3. The land was sold for cash of $4,500.

Explanation / Answer

Statement of Cash Flow Particulars Amount Total Amount Income                22,500.00 Loss on sale of land                  1,100.00 Depreciation                  4,500.00 Decrease in AR                  1,800.00 Decrease in AP             (15,600.00) Cash flow from operating activities             14,300.00 Cash flow from Investing activities Sale of Land                  4,500.00 Cash flow from Investing activities                4,500.00 Cash flow from Financing activities Issue of Stock                  4,000.00 Dividends Paid             (18,800.00) Cash flow from Financing activities           (14,800.00) net change in cash and cash equivalents                4,000.00 Opening cash and cash equivalents             10,600.00 Closing cash and cash equivalents             14,600.00

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