Dec. 31,2016 Dec. 31,2015 Assets 3 Cash 4Accounts receivable (net) 5 Inventories

Question

Dec. 31,2016 Dec. 31,2015 Assets 3 Cash 4Accounts receivable (net) 5 Inventories 6 Prepaid expenses 7 Land 8Buildings 9 Accumulated depreciation-buildings 0Equipment 11 Accumulated depreciation-equipment 964,640.00 761,860.00 1,162,650.00 35,920.00 480,600.00 901,830.00 0 (581,440.00) 454,090.00 141800.00(158,86000) $4,784,190.00 $4,221,290.00 $918,000.00 828,530.00 1,267,840.00 28,510.00 316,660.00 1,462,690.00 (409,440.00) 513,200.00 1Total assets 13 Liabilities and Stockholders' Equity 14 Accounts payable (merchandise creditors) 15 Bonds payable 16 Common stock, $25 par 17 Paid-in capital: Excess of issue price over par-common stock 18 Retained earnings 19Total Liabilities and stockholders' equity $958,010.00 0.00 117,000.00 557,000.00 2,528,950.00 2,589,280.00 $4,784,190.00 $4,221,290.00 $922,640.00 271,000.00 307,000.00 754,600.00

Explanation / Answer

Statement of Cash Flows For the Year Ended December 31, 2018 Amount $ Operating Activities Net Loss -28,750 Adjustments: Non-Cash adjustment: Depreciation 10,940 (28,000 + (-17,060) Loss on Sale of Land 12,390 (1,63,940 - 1,51,550) Equipment Discarded        46,790 Due to changes in Working capital: Due to changes in accounts receivable -66,670 (7,61,860 - 8,28,530) Due to changes in Inventories -1,05,190 (11,62,650 - 12,67,840) Due to changes in Prepaid Rent           7,410 (35,920 - 28,510) Due to changes in accounts payable       -35,370 (9,22,640 - 9,58,010) Taxes paid                  -   Net Cash provided (used) by operating activities -1,58,450 Investing Activities Receipt from Sale of Land     1,51,550 Purchase of Building -5,60,860 Purchase of Equipment -1,05,900 Net cash provided (used) by investing activities -5,15,210 Financing Activities Bonds Issued     2,71,000 Common Stock Issued     3,87,600 (1,90,000 + 1,97,000) Payment of common dividends       -31,580 Net cash provided (used) by investing activities)     6,27,020 Net increase/decrease in cash       -46,640 (Net Cash provide by ( Investing Activity + Financing Activity + Operating Activity )) Add: Cash balance at the begining of the year     9,64,640 Cash balance at the end of the year     9,18,000 (Net Increase / Decrease in Cash) + Cash balance at the beginning of year

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