Exercise 12-7 Shown below are comparative balance sheets for Shamrock Company. S

Question

Exercise 12-7 Shown below are comparative balance sheets for Shamrock Company. Shamrock Company Comparative Balance Sheets December 31 2017 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2016 $50,358 173,964 432,621 228,900 457,800 (73,248) $ 155,652 201,432 382,263 183,120 595,140 (151,074) $1,366,533 $1,270,395 $ 98,427 457,800 398,286 315,882 $1,366,533$1,270,395 $ 89,271 343,350 494,424 439,488

Explanation / Answer

Statement of cash flow cash from operating activities net income for the year 212,877 adjustments to reconcile net income Depreciation expense 77,826 increase in accounts receivable -27468 decrease in inventory 50358 decrease in accounts payable -9156 91,560 net cash from operating activities 304,437 Cash from investing activities cash from sale of land 45,780 cash paid for purchase of Equipment -137,340 Cash used by investing activities -91,560 Cash from financing activities cash dividend -89,271 bonds payable redeemed -114,450 common stock issue for cash 96,138 net cash used by financing activities -107,583 -107,583 Net increase in cash 105,294 cash at beginning 50,358 cash at year end 155,652

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