inc, began operations on January 1, 2016. Its post-closing trial balance at Dece

Question

inc, began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information Paddleboard Inc Income Statement For Year Ended December 31, 2017 (000s) Revenues Sales $3814 1,566 2.248 Cost of goods sold Gross Profit Expenses Other expenses Depreciation expense $850 110 Total operating expenses 960 Profit from operations Income tax expense Profit 1,288 288 $1,000 Paddleboard Inc. Post-Closing Trial Balance (000s) December 31 2017 $3,180 Account Cash Receivables Merchandise inventory Property, plant and equipment Accumulated depreciation Investments Accounts payable Accrued liabilities Bonds payable Common shares Retained earnings 2016 $1,870 2,590 3,070 1,950 2,110 1,950 320 2,530 3,070 3,950 2,110 3,160 2,750 1,840 2,270 1,470 480 2,700 2,600 3,070

Explanation / Answer

Statement of cash flow :

Cash flow from operating activities Net income 1000 Adjustment to reconcile net income Depreciation expenses 110 Increase account receivable (710) Decrease inventory 570 Increase account payable 480 Decrease accured expenses (160) Net cash flow from operating activities 1290 Cash flow from investing activities Sale of investment 160 Purchase of property,plant and equipment (320) Net cash flow from investing activities (160) Cash flow from financing activities Bonds repaid (170) Issue common stock 470 Dividend paid (120) Net cash flow from financing activities 180 Net cash flow 1310 Beginning cash 1870 Ending cash 3180

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