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Exercise 5-16 (Part Level Submission) A comparative balance sheet for Blossom Corporation is presented below. 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment
Exercise 5-16 (Part Level Submission) A comparative balance sheet for Blossom Corporation is presented below. 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment 2017 2016 $72,880 22,000 68,710 182,590191,710 73,590 112,710 262,590 202,710 84,590 (71.590 (44,710) Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 5604,650 $553,130 36,590 $49,710 150,000 200,000 214,000 164,000 139,420 5604,650 $553,130 204,060 Total Additional information: 1. Net income for 2017 was $130,180. No gains or losses were recorded in 2017 2. Cash dividends of $65,540 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Vour answer is partially correct. Try again. Prepare a statement of cash flows for 2017 for Blossom Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Prepare a statement of cash flows for 2017 for Blossom Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BLOSSOM CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 130180 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation expense Decrease in Inventory 9120 Increase in Accounts Receivable Decrease in Accounts Payable Net Cash Used by Operating Activities Cash Flows from Investing Activities Sale of Land 39120 Purchase of Equipment Cash Flows from Financing Activities Payment of Cash Dividends Net Increase in Cash Cash at Beginning of Year 22000 Cash at End of Year Noncash Investing and Finan Issued common stock to retire of bonds outstanding
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