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Exercise 12-7 Your answer is partially correct. Try again. Shown below are comparative balance sheets for Sage Hill Company. Sage Hill Company Comparative Balance Sheets
Exercise 12-7 Your answer is partially correct. Try again. Shown below are comparative balance sheets for Sage Hill Company. Sage Hill Company Comparative Balance Sheets December 31 Assets 2017 Cash $ 230,248 Accounts receivable 297,968 Inventory 565,462 Land 270,880 Equipment 880,360 Accumulated depreciation-equipment (223,476 ) Total $2,021,442 Liabilities and Stockholders' Equity Accounts payable $ 132,054 Bonds payable 507,900 Common stock ($1 par) 731,376 Retained earnings 650,112 Total $2,021,442 2016 $ 74,492 257,336 639,954 338,600 677,200 (108,352 ) $1,879,230 $ 145,598 677,200 589,164 467,268 $1,879,230 Additional information: Additional information: 1. Net income for 2017 was $314,898. 2. Depreciation expense was $115,124. 3. Cash dividends of $132,054 were declared and paid. 4. Bonds payable amounting to $169,300 were redeemed for cash $169,300. 5. Common stock was issued for $142,212 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value. sign .g. -45,04 Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with elther a e.g. (45,000)). Statement of Cash Flows For the Year Ended December 31, 2017 TCash Flows from Operating Activities Net Income Adjustments to reconcile net income to T Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Decrease in Inventory Decrease in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Tsale of Land Purchase of Equipment Cash Flows from Investing Activities Net Cash used by Financing Activities Payment of Cash Dividends Redemption of Bonds Issuance of Common Stock Net Cash used by Financing Activities -$159,142.00 Not Invence in rach VACY_Polisy. I 2000-2019 John Wilesc 155.756.00ll
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