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a)Prepare a statement of cash flows for 2017 b)Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.)
a)Prepare a statement of cash flows for 2017
b)Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)
Exercise 5-17 Waterway Corporation's balance sheet at the end of 2016 included the following items Current assets (Cash $82,000) $236,330 Current liabilities $151,330 Land 31,550 Bonds payable 101,330 121,330 Common stock 181,550 Buildings 91,550 Retained earnings 45,550 Equipment $479,760 Accum. depr -buildings (31,330) Total (11,000) Accum. depr -equipment 41,330 Patents $479,760 Total The following information is available for 2017. 1. Net income was $55,120. 2. Equipment (cost $21,330 and accumulated depreciation $9,330) was sold for $11,330. 3. Depreciation expense was $5,330 on the building and $10,330 on equipment. 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,330. 6. An addition to the building was completed at a cost of $28,330. 7. A long-term investment (Equity) in stock was purchased for $16,000 8. Bonds payable of $51,550 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000
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