BACK NEX Exercise 23-17 (Part Level Submission) Jobim Inc., had the following condensed balance sheet at the end of operations for 2013 Cash Current assets other than cash Investments Plant assets (net) Land JOBIM INC. BALANCE SHEET DECEMBER 31, 2013 $8,360 Current liabilities 2 9,330 Long-term notes payable 20,190 Bonds payable 67,050 Capital stock 39,870 Retained earnings $164,800 $15,230 25,300 25,370 74,950 23,950 $164,800 During 2014, the following occurred. 1. A tract of land was purchased for $11,360. 2. Bonds payable in the amount of $20,320 were retired at par. 3. An additional $10,510 in capital stock was issued at par 4. Dividends totaling $9,343 were paid to stockholders. 5. Net Income was $30,740 after deducting depreciation of $13,850. 6. Land was purchased through the issuance of $22,010 in bonds. 7. Jobim Inc. sold part of its investment portfolio for $12,960. This transaction resulted in a gain of $2,420 for the company. The company classifies the investments as available-for-sale. 8. Both current assets (other than cash) and current liabilities remained at the same amount. Your answer is correct. JOBIM INC. Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flows from Operating Activities 30740 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities - Gain on Sale of Investments -2420 Depreciation Expense 13850 ESS 11430 Net Cash Provided by Operating Activities 42170 Cash Flows from Investing Activities - Purchase of Land -11360 Sale of Available-for-Sale Investments T 12960 Net Cash Provided by Investing Activities al 1600 ent CALCULAT Cash Flows from Financing Activities Issuance of Capital Stock 10510 Payment of Dividends L T -9343 Redemption of Bonds Payable O T -20320 Net Cash Used by Financing Activities -19153 Net Increase in Cash ) 24617 Cash at Beginning of Period 9 T 8360 Cash at End of Period 32977 Noncash Investing and Financing Activities Issuance of Bonds for Land 22010 Click if you would like to Show Work for this question: Open Show Work Prepare ue LuleLU UUMLULU JOBIM INC. Balance Sheet December 31, 2014 Assets Current Assets / Cash 32977 / Current Assets Other than Cash 29,330 / / / / Investments Intangible Assets Long-term Liabilities 1 / Plant Assets / / / / / / / / Land / / / / / / / / Property, Plant and Equipment / / / / / / / CALCULATOR Total Assets Liabilities and Stockholders' Equity / Current Liabilities / 11 Long-term Liabilities Bonds Payable Long-term Notes Payable as Payable T Revenues Stockholders' Equity Capital Stock lll 2 ) Retained Earnings 4 Total Stockholders' Equity Total Liabilities and Stockholders' Equity