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2 Problem 21-5 Statement of cash flows; direct method LO21-3, 21-8 balance sheets for 2018 and 2017 and a statement of income for 2018 are

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2 Problem 21-5 Statement of cash flows; direct method LO21-3, 21-8 balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries Additional information from the accounting records of Metagrobolize also is pr ovided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets Decenber 31, 2018 and 2017 (5 in 000s) 500 % 375 Accounts receivable Relerences 900 525 Building Less: Accumulated depreciation Equipeent (300) (270) 2,85 2,250 Less: Accumulated depreciatiorn Patent (S25) (480) 6,880 $ 5,850 Liabilities Accounts payable Accrued expenses payable Lease liability-land Sharehelders' Equity Common stock Paid-in capital-excess of par Retained earnings 750 % 450 3,150 3,000 1,8001,500 $ 6,888 $ 5,850 METAGROBOLIZE INDUSTRIES Income Statement TAGROOLIZE INOSTRIES Income Statement For the Year Ended December 31, 2018 (5 in 800s) Revenues $2,645 Sales revenue Gain on sale of land 98 $2,735 xpenses Print $ 680 Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses 3e 315 15 300 References Net income 975 Additional information from the accounting records a Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018 b. During 2018, equipment with a cost of $300,000 (90% depreciated) was sold c The statement of shareholders' equity r reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating ectivitles by the direct method. (Enter your answers in thousands (L.e. 10.000 should be entered as 10) should be indicated with a minus sign.) Prey 2of2ll Next

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