Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Create a Statement of Cash Flows with the Given Data: Net Income Depreciation Purchased fixed assets paying cash Received $90,000 cash for issuance of notes
Create a Statement of Cash Flows with the Given Data:
Net Income Depreciation Purchased fixed assets paying cash Received $90,000 cash for issuance of notes payable Received $120,000 cash for issuance of common stock Paid $20,000 for purchase of treasury stock Ending cash balance 97000 40000 310000 90000 120000 20000 110000 2017 2016 Increase (Decrease) Assets Current assets: Cash Accounts receivable Inventory 110000 75000 100000 20000 $ 85000 $ 80000 S 90,000 (10,000) 20,000 Long-term assets Plant assets Accumulated depreciation 430000 12000 120000 $ 9000 $ 310,000 3,000 413,000 Total Assets 727000 314000 S Liabilities Current liabilities Accounts payable Accrued liabilities 32000 86000 20000 $ 15000 $ 12,000 71,000 Long-term liabilities Notes payable 90000 90,000 OS 35000 $ Total liabilities 208000 173,000 Stockholders equity Common stock Retained earnings Treasury stock Total stockholders equity Total stockholders equity and liabilities 220000 219000 20000 459000 667000 100000 $ 179000 $ 0 $ 279000 $ 314000 $ 120,000 40,000 20,000 180,000 353,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started