Dec. 31,2016 Dec. 31,2015 Assets 585,190.00 208,060.00 617,620.00 239,830.00 0.0

Question

Dec. 31,2016 Dec. 31,2015 Assets 585,190.00 208,060.00 617,620.00 239,830.00 0.00 553,850.00 (147,700.00) 362,190.00 $2,056,850.00 3 Cash 4Accounts receivable (net) 5 Inventories $626,100.00 228,630.00 641,030.00 0.00 328,160.00 705,110.00 (166,840.00) 7 Land 8 Equipment 9Accumulated depreciation-equipment 10 Total assets Liabilities and Stockholders' Equity $423,690.00 42,340.00 23,050.00 150,000.00 417,500.00 1,305,610.00 $404,660.00 53,240.00 18,680.00 100,000.00 280,000.00 1,200,270.00 362,190.00 $2,056,850.00 2 Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $2 par 6 Paid-in capital: Excess of issue price over par-common stock 17 Retained earnings 18 Total liabilities and stockholders' equity

Explanation / Answer

Direct method of cash flow Cash from operating activities cash from customers (5,375,945 -20,570)= 5,355,375 less: Cash paid to suppliers (3,306,560+23,410-19,030)= -3,310,940 Cash paid for operating expense(1,754,653+10900)= -1,765,553 cash paid for income tax -133,022 Net cash provided by operating activities 145,860 Cash from investing activities Cash from sale of investment 279,300 Cash paid for purchase of land -328,160 cash paid for purchase of Equipment -151,260 Cash used by investing activities -200,120 -200,120 Cash from financing activities Cash from common stock issue 187,500 cash dividend paid -92,330 Cash provided by financing activities 95,170 95,170 Net increase in cash 40,910 cash at the beginning of the year 585,190 cash at year end 626,100

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