a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and paid. c. Scoreteck's only noncash expense was $85,000 of depreciation. d. The company purchased plant assets for $85,000 cash. e. Notes payable of $35,000 were issued for $35,000 cash. Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required Report operating activities under the indirect method. (Enter all amounts as positive values.) SCORETECK CORPORATION Spreadsheet for Statement of Cash Flows--Indirect Method For Year Ended December 31, 2017 Dec. 31, Analysis of Changes Dec. 31, 2016 Debit Credit 2017 Balance Sheet-Debit Bal. Accounts Cash Accounts receivable Inventory Plant assets 125,000 135,000 280,000 615,000 $1.155,000 90,000 220,000 245,000 700,000 $ 1.255,000 Balance Sheet-Credit Bal Accounts Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings 115,000 180,000 385,000 215,000 260,000 1,155,000 200,000 155,000 420,000 215,000 265,000 S 1,255,000 S Statement of Cash Flows Plant assets 615,000 700,000 $ 1,155,000 $ 1,255,000 Balance Sheet-Credit Bal. Accounts Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings 115,000 180,000 385,000 215,000 260,000 $1.155,000 $200,000 155,000 420,000 215,000 265,000 S1,255,000 Statement of Cash Flows Operating activities Investing activities Financing activities Simon Company's year-end balance sheets follow. At December 31 2016 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by 27,311 31,601 33,587 78,356 55,867 44,782 101,533 76,061 46,744 9,062 8,380 3,769 251,311231,171 207,018 467,573 $403,080 335,900 s 115,261 67,439 45,226 mortgages on plant assete Common stock, $10 par value Retained earnings Total liabilities and equity 89,662 93,63574,976 162,500 162,500 162,500 79,506 100,150 53, 198 s 467,573 $403,080 $ 335,900 1. Compute the current ratio for the year ended 2017 2016, and 2015. 2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the current ratio for the years ended December 31, 2017, 2016, and 2015. Choose Numerator: Choose Denominator: Current Ratio Current ratio 2017 2016 2015 to 1 to 1 to 1 1. Compute the current ratio for the year ended 2017, 2016, and 2015. 2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the current ratio for the years ended December 31, 2017, 2016, and 2015. Current Ratio Choose Numerator:Choose Denominator: Current Ratio 2017: 2016: 2015: # | Current ratio to 1 to1 to 1 Required 2 > 1. Compute the current ratio for the year ended 2017, 2016, and 2015. 2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015. Complete this question by entering your answers in the tabs below. epi's Required 1 Required 2 Compute the acid-test ratio for the years ended December 31, 2017, 2016, and 2015. Acid-Test Ratio Acid-test rato Choose Numerator: Choose Denominator 2017 2016: 2015: to 1 to 1 to t K Required 1
