Exercise 12-7 Your answer is partially correct. Try again Shown below are compar

Question

Exercise 12-7 Your answer is partially correct. Try again Shown below are comparative balance sheets for Novak Company Novak Company Comparative Balance Sheets December 31 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 $ 37,422 129,276 321,489 170,100 340,200 2017 $ 115,668 149,688 284,067 136,080 442,260 (112,266)(54,432) $1,015,497 $944,05!5 66,339 255,150 367,416 326,592 $1,015,497 $ 73,143 340,200 295,974 234,738 $944,055

Explanation / Answer

Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from Operating Activities Net Income 158193 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 57834 Increase in Accounts Receivable -20412 Decrease in Inventory 37422 Decrease in Accounts Payable -6804 68040 Net Cash Provided by Operating Activities 226233 Cash Flows from Investing Activities Sale of Land 34020 Purchase of Equipment -102060 Net Cash used by Investing Activities -68040 Cash Flows from Financing Activities Issuance of Common Stock 71442 Payment of Cash Dividends -66339 Redemption of Bonds -85050 Net Cash used by Financing Activities -79947 Net Increase in Cash 78246 Cash at Beginning of Period 37422 Cash at End of Period 115668

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