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iPad 2:32 AM 95%- WileyPLUS https //edugen.wileyplus.com.edug en/lti/main.uni CALCULATORPRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 5-14 HW4 The comparative balance sheets of Sage Inc. at the beginning and the end of the year 2017 are as follows. Exercise 5-11 SAGE INC. BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Problem 5-1 Assets 47,620 94,790 42,790 20,790 164,410 Cash 15,620 $32,000 Inc. 89,170 23,170 19,620 Inc. 11,000 5,620 Inc. Review Results by Study Objective 9,790 Inc. Total $116,960 Accounts payable Common stock Retained earnings $ 23,790 102,620 38,000 164,410 16,170 81,170 21,450 Inc. 19,620 18,380 Inc. 7,620 Inc. Total $116,960 Net income of $47,790 was reported, and dividends of $29,410 were paid in 2017. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2017. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000).) SAGE INC. Statement of Cash Flows For the Year Ended December 31, 2017

Explanation / Answer

Statement of cash flows For the year ended December 31,2017 Cash flows from operating activities: Net income 47790 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense 9790 Increase in accounts receivable -5620 Increase in accounts payable 7620 11790 Net cash provided by operating activities 59580 Cash flows from investing activities: Purchase of equipment -19620 Cash flows from financing activities: Issuance of common stock 21450 Payment of cash dividends -29410 Net cash used by financing activities -7960 Net increase in cash 32000 Cash at beginning of year 15620 Cash at end of year 47620

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