AZTEC TRUCKING CORP Comparative Balance Sheet December 31, 2016 and 2015 ASSETS

Question

AZTEC TRUCKING CORP Comparative Balance Sheet December 31, 2016 and 2015 ASSETS Current assets 2016 2015 Cash Accounts receivable $ 505,091 375,000 150,000 $ 40,130 445,000 227,870 Prepaid expenses Total current assets 51.065.001 138.125 Property, plant & equip. Land $ 400,000 Equipment $ 540,000 180.000) 460.000 140,000 215.000 $ 615,000 -(85.000 Less: Accumulated depreciation Total property, plant&equipment; $1.525.091$ $1,268,125 Total assets LIABILITIES Current liabilities $ 39,373 Accounts payable Dividends payable Unearned revenue $ 32,995 $ 20,000 58.700 £25.130 $ 78,125 Total current liabilities $ 128,073 Long-term liabilities 100,000 111518 339.501 400,000 Notes payable, Net Bonds payable, Net Total liabilities 478.125 STOCKHOLDERS' EQUITY 610,000 375,500180.000 $1.185.500 790.000 $1.525.091 1.268.125 810,000 Common Stock and APIC Retained earnings Total stockholders' equity Total Liabilities and equity

Explanation / Answer

AZTEC TRUCKING CORP 2016 Cash flow from Operating Activities Net Income 245500 Add : Depreciation 10000 Add : Interest Expense 20000 Less : Gain on sale of equipment -10000 Less : Sales recorded mistakenly -40000 operating profit before working capital changes 225500 Decrease in Trade receivables 70000 Decrease in Inventories 77870 Increase in prepaid expenses -9875 Increase in Trade Payables 6378 Increase in unearned revenue 73570 Cash generated from Operating activities A 443443 Cash flow from Financing activities Dividend paid -40000 Issuance of bonds 111518 Interest paid -20000 Notes Repaid -300000 Receipt from Common stock & APIC 200000 Cash generated from Financing activities B -48482 Cash flow from Investing Activities Sale of equipment 70000 Cash generated from Investing activities C 70000 NetCash flow A+B+C 464961 Add : Cash Balance at January 1 40130 Cash Balance at December 31 505091

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