Exercise 5 16 (Part Level Submission) A comparative balance sheet for Shabbona Corporation is presented below December 31 Assets 2014 2013 Cash $72,138 $22,000 Accounts receivable 84,351 69,213 Inventory 182,351 192,213 Land 73,351 113,213 Equipment 257,649 196,787 Accumulated Depreciation Equipment (71,351 ) (45,213 ) Total $598,489 $548,213 Liabilities and Stockholders' Equity Accounts payable $36,351 $50,213 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 198,138 134,000 Total $598,489 $548,213 Additional information 1 Net income for 2014 was $129,702 2 Cash dividends of $65,564were declared and paid 3 Bonds payable amounting to $50,000were retired through issuance of common stock Warning Don't show me this message again for the assignment Ok Cancel (a) Prepare a statement of cash flows for 2014 for Shabbona Corporation (Show amounts that decrease cash flow with either a sign e g 15,000 or in parenthesis e g (15,000) ) Shabbona Corporation Statement of Cash Flows For the Year Ended December 31, 2014 Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Purchase of EquipmentDecrease in Accounts ReceivableIncrease in Accounts PayableDecrease in Accounts PayablePayment of Cash DividendsSale of LandNet IncomeDepreciation expenseIncrease in Accounts ReceivableDecrease in InventoryIncrease in Inventory $ Adjustments to reconcile net income to Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Increase in Accounts ReceivableIncrease in Accounts PayableDepreciation expenseDecrease in Accounts ReceivableIncrease in InventoryDecrease in InventoryDecrease in Accounts PayableSale of LandPurchase of EquipmentPayment of Cash DividendsNet Income $ Decrease in Accounts ReceivableIncrease in Accounts PayableDecrease in InventoryDepreciation expenseDecrease in Accounts PayableSale of LandNet IncomeIncrease in InventoryPurchase of EquipmentIncrease in Accounts ReceivablePayment of Cash Dividends Sale of LandDecrease in InventoryDecrease in Accounts ReceivableIncrease in Accounts ReceivableIncrease in InventoryPurchase of EquipmentPayment of Cash DividendsNet IncomeDecrease in Accounts PayableIncrease in Accounts PayableDepreciation expense Increase in Accounts PayableIncrease in Accounts ReceivableSale of LandPurchase of EquipmentDecrease in Accounts PayablePayment of Cash DividendsNet IncomeDepreciation expenseDecrease in Accounts ReceivableDecrease in InventoryIncrease in Inventory Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Payment of Cash DividendsIncrease in Accounts PayableDecrease in Accounts ReceivableSale of LandDepreciation expenseIncrease in InventoryNet IncomeDecrease in InventoryDecrease in Accounts PayablePurchase of EquipmentIncrease in Accounts Receivable Decrease in Accounts PayableDepreciation expenseDecrease in Accounts ReceivableSale of LandPayment of Cash DividendsDecrease in InventoryPurchase of EquipmentIncrease in Accounts ReceivableIncrease in InventoryIncrease in Accounts PayableNet Income Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Net IncomeDepreciation expenseDecrease in Accounts ReceivableIncrease in InventoryIncrease in Accounts ReceivablePayment of Cash DividendsDecrease in Accounts PayableDecrease in InventoryIncrease in Accounts PayableSale of LandPurchase of Equipment Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities $ Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Issued common stock to retire $of bonds outstanding Warning Don't show me this message again for the assignment Ok Cancel Link to Text Attempts 0 of 3 used Save for later Submit 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Exercise 5-16 (Part Level Submission) A comparative balance sheet for Shabbona Corporation is presented below. December 31 Assets 2014 2013 Cash $72,138 $22,000 Accounts receivable

Exercise 5-16 (Part Level Submission) A comparative balance sheet for Shabbona Corporation is presented below.

December 31
Assets	2014	2013
Cash	$72,138	$22,000
Accounts receivable	84,351	69,213
Inventory	182,351	192,213
Land	73,351	113,213
Equipment	257,649	196,787
Accumulated Depreciation-Equipment	(71,351	)	(45,213	)
Total	$598,489		$548,213
Liabilities and Stockholders' Equity
Accounts payable	$36,351	$50,213
Bonds payable	150,000	200,000
Common stock ($1 par)	214,000	164,000
Retained earnings	198,138		134,000
Total	$598,489		$548,213

Additional information:

1.	Net income for 2014 was $129,702.
2.	Cash dividends of $65,564were declared and paid.
3.	Bonds payable amounting to $50,000were retired through issuance of common stock.

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(a) Prepare a statement of cash flows for 2014 for Shabbona Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Shabbona Corporation Statement of Cash Flows For the Year Ended December 31, 2014
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Purchase of EquipmentDecrease in Accounts ReceivableIncrease in Accounts PayableDecrease in Accounts PayablePayment of Cash DividendsSale of LandNet IncomeDepreciation expenseIncrease in Accounts ReceivableDecrease in InventoryIncrease in Inventory	$
Adjustments to reconcile net income to
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Increase in Accounts ReceivableIncrease in Accounts PayableDepreciation expenseDecrease in Accounts ReceivableIncrease in InventoryDecrease in InventoryDecrease in Accounts PayableSale of LandPurchase of EquipmentPayment of Cash DividendsNet Income	$
Decrease in Accounts ReceivableIncrease in Accounts PayableDecrease in InventoryDepreciation expenseDecrease in Accounts PayableSale of LandNet IncomeIncrease in InventoryPurchase of EquipmentIncrease in Accounts ReceivablePayment of Cash Dividends
Sale of LandDecrease in InventoryDecrease in Accounts ReceivableIncrease in Accounts ReceivableIncrease in InventoryPurchase of EquipmentPayment of Cash DividendsNet IncomeDecrease in Accounts PayableIncrease in Accounts PayableDepreciation expense
Increase in Accounts PayableIncrease in Accounts ReceivableSale of LandPurchase of EquipmentDecrease in Accounts PayablePayment of Cash DividendsNet IncomeDepreciation expenseDecrease in Accounts ReceivableDecrease in InventoryIncrease in Inventory

Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Payment of Cash DividendsIncrease in Accounts PayableDecrease in Accounts ReceivableSale of LandDepreciation expenseIncrease in InventoryNet IncomeDecrease in InventoryDecrease in Accounts PayablePurchase of EquipmentIncrease in Accounts Receivable
Decrease in Accounts PayableDepreciation expenseDecrease in Accounts ReceivableSale of LandPayment of Cash DividendsDecrease in InventoryPurchase of EquipmentIncrease in Accounts ReceivableIncrease in InventoryIncrease in Accounts PayableNet Income
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Net IncomeDepreciation expenseDecrease in Accounts ReceivableIncrease in InventoryIncrease in Accounts ReceivablePayment of Cash DividendsDecrease in Accounts PayableDecrease in InventoryIncrease in Accounts PayableSale of LandPurchase of Equipment
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities	$

Cash at Beginning of YearCash at End of YearCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Issued common stock to retire $of bonds outstanding