RUDRIQUEZ CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Acco

Question

RUDRIQUEZ CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment $16,700$17,600 22,300 15,950 70,050 dy 25,000 20,050 59,950 (13,850) (10,000) $107,850 $115,900 Total Accounts payable Bonds payable Common stock Retained earnings $14,450 $11,150 30,200 44,500 30,050 $107,850 $115,900 10,300 50,500 32,600 Total Additional information: Net income was $18,350. Dividends declared and paid were $15,800 2. Equipment which cost $10,100 and had accumulated depreciation of $2,100 was sold for $3,300. 3. No noncash investing and financing activities occurred during 2017

Explanation / Answer

Workings

Cash flows from operating activities 18350 Adjustments to reconcile net income Depreciation expense . 5950 Loss on sale of Equipment 4700 increase in accounts receivable . -(25000-22300) -2700 increase in accounts payable . 14450-11150 3300 Net cash provided by operating activities. 29600

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