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x® WileyPLUS x WileyPLUS e j https://edugen.wileyplus.com/edugen/student/mainfr.uni itters at Watch Series Onlin....Asos Blackboard Queens... US Kieso, Intermediate Accounting, 1Ge CALCULATOR ES Exercise 23-11 Condensed financial data of Pronghorn Company for 2017 and 2016 are presented below. PRONGHORN COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2016 $1,760$1,130 1,270 1,880 1,8901,700 2017 dy Cash Receivables Inventory Plant assets 1,740 1,640 (1,280)(1,150) 1,400 $6,230 Long-term investments (held-to-maturity) 1,280 $7,030 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,200 190 1,380 1,870 2,390 $920 260 1,520 1,660 1,870 7,030$6 220Explanation / Answer
PRONGHORN COMPANY
Statement of Cash Flows For the Year Ended December 31, 2017
(Indirect Method)
Cash Flows from Operating Activities
Net Income $ 780
Adjustments to reconcile net income to
Net Cash Provided by Operating Activities
Depreciation Expense $ 130
Gain on Sale of Investments ($ 70)
Decrease in Inventory $ 240
Increase in Accounts Payable $ 280
Increase in Receivables- ($ 470 )
Decrease in Accrued Liabilities- ($ 70)
Net Cash Provided by Operating Activities $ 40
Cash Flows from Investing Activities
Sale of Held-to-Maturity Investments $ 190
Purchase of Plant Assets- ($ 110)
Net Cash Provided by Investing Activities $ 80
Cash Flows from Financing Activities
Issuance of Capital Stock $ 130
Redemption of Bonds Payable- ($ 140 )
Payment of Cash Dividends- ($ 260)
Net Cash Used by Financing Activities- ($ 270)
Net Increase in Cash $ 630
Cash at Beginning of Period $ 1130
Cash at End of Period $ 1760
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