ACCT. 222 EXAM 1 Part 2 SPKING2 Williamsburg Company uses the indireet method te

Question

ACCT. 222 EXAM 1 Part 2 SPKING2 Williamsburg Company uses the indireet method te following financial statement information for the prepare its statement of casth fows. Yefer to the year ending December 31, 2018 Williamsburg Company Comparative Balance Sheet December 31, 2018 and 2017 20182017 ash Accounts Receivable Merchandise Inventory Plant and Equipment, net 29,000 56,00 29,00 Total Assets Accounts Payable Accrued Liabilities $9,000 $13,000 Long-term Notes Payable Total Liabilities Common Stock $55,00 115 $3,000 78 Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders Equity$214.008 $170,00 Williamsburg Company Income Statement Year Ended December 31, 2018 $291 Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense- Plant Assets Other Operating Expenses nterest Expense ncome Tax Expense $298,300 145,000 9,000 16 25 Total Expenses Net Income

Explanation / Answer

Statement of Cash Flow Particulars Amount Total Amount Income            52,000.00 Gain on sale of Plant assets            (6,000.00) Depreciation            16,000.00 Decrease in AR              7,000.00 Increase in inventory         (27,000.00) Decrease in AP            (4,000.00) Increase in Accrued Liabilities              4,000.00 Cash flow from operating activities            42,000.00 Cash flow from Investing activities Purchase of PPE         (60,000.00) Sale of PPE            16,000.00 Cash flow from Investing activities         (44,000.00) Cash flow from Financing activities Issue of Stock            52,000.00 Purchase of treasury stock            (6,000.00) Repayment of notes         (43,000.00) Issue of Notes            34,000.00 Dividends Paid         (15,000.00) Cash flow from Financing activities            22,000.00 net change in cash and cash equivalents            20,000.00 Opening cash and cash equivalents            13,000.00 Closing cash and cash equivalents            33,000.00

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