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Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting
Comparative 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 provided. 2017 METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 0003) 2018 Assets Cash S 440 Accounts receivable 470 Inventory 620 Land 625 Building 800 Less: Accumulated depreciation (200) Equipment 2,800 Less: Accumulated depreciation (451) Patent 1,600 $ 6,704 Liabilities Accounts payable S 720 Accrued expenses payable 210 Lease liability-land 130 Shareholders' Equity Common stock 2,650 Paid-in capital-excess of par 500 Retained earnings 2,494 $ 6,704 S 190 250 380 575 800 (170) 2,510 (420) 1,800 $ 5,915 S 470 165 0 2,500 470 2,310 $ 5,915 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in 0003) Revenues Sales revenue $2,807 Gain on sale of land 60 $2,867 Expenses Cost of goods sold $ 920 Depreciation expense-building 30 Depreciation expense-equipment 328 Loss on sale of equipment 10 Amortization of patent 200 Operating expenses 600 2,088 Net income $ 779 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 $330.000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $180.000 and $415.000 for stock dividends and cash dividends. respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (I.e., 5,000 should be entered as 5). Amounts to be deducted should be Indicated with a minus slgn.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 (S in 000s) Cash flows from operating activities Cash inflows: From customers Cash outflows: To suppliers of goods S 0 S 0 Noncash investing and financing activities
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