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Required information [The following information applies to the questions displayed below) The following financial statements and information are available for Blythe Industries, Inc.: Balance Sheets As of December 31 2017 2016 160,200 103,200 186,400 284,000 650,000 (310,000) 80,000 1,153,800 $ 120,600 85,000 171,800 220,000 490,000 (240,000) 120,000 967,400 Assets Cash Accounts receivable Inventory Marketable securities (available for sale) Equipment Accumulated depreciation Land Total assets Liabilities and equity Liabilities Accounts payable (inventory) Notes payable-Long-term Bonds payable Total liabilities Stockholders' equity Common stock, no par Preferred to SA $ 36,400 230,000 200,000 466,400 66,200 250,000 100,000 416,200 240,000 11 DA 200,000 TAA AAA 400.00 410. 200 TULA ILULILIES Stockholders' equity Common stock, no par Preferred stock, $50 par Paid-in capital in excess of par-Preferred stock Total paid-In capital Retained earnings Less: Treasury stock Total stockholders' equity Total liabilities and stockholders' equity 240,000 110,000 34,400 384,400 333,000 (30,000) 687,489 $1,153,800 200,000 100,000 26,809 326,889 264,400 (40,000) 551,289 $ 967,469 $1,050,000 (766,500) 283,500 Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Supplies expense $ 20,400 Salaries expense 92.000 Depreciation expense 90,000 Total operating expenses Operating income Nonoperating items Interest expense Gain from the sale of marketable securities Gain from the sale of land and equipment Net income (202,400) 81,100 (16,000) 30,000 12,000 107,100 $ AUCTION di ordon 1. Sold land that cost $40,000 for $44,000. 2. Sold equipment that cost $30,000 and had accumulated depreciation of $20,000 for $18.000 3. Purchased new equipment for $190,000 4. Sold marketable securities that were classified as available for sale and that cost $40,000 for $70,000. 5. Purchased new marketable securities, classified as available for sale, for $104,000. 6. Paid $20,000 on the principal of the long-term note. 7. Paid off a $100,000 bond issue and issued new bonds for $200,000. 8. Sold 100 shares of treasury stock at its cost. 9. Issued some new common stock. 10. Issued some new $50 par preferred stock. 11. Paid dividends. (Note: The only transactions to affect retained earnings were net income and dividends.) o. Prepare the statement of cash flows for Blythe Industries using direct method. (Amounts to be deducted and cash outflows should be indicated by a minus sign.) BLYTHE INDUSTRIES, INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities BLYTHE INDUSTRIES, INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Cash Receipts from Sales Total cash inflows Cash payments for Interest Inventory purchased Operating expenses Total cash outflows Net cash inflow from operating activities Cash flows from investing activities Paid to purchase equipment [ Paid to purchase marketable securities Paid to purchase equipment Paid to purchase marketable securities Proceeds from sale of equipment Proceeds from sale of marketable securities Proceeds from sale of land Net cash outflow from investing activities Cash flows from financing activities: Proceeds from bonds issue Proceeds from common stock issue Proceeds from sale of treasury stock Proceeds from preferred stock issue Repayment of bonds Repayment of loan Payment of dividends Tiltus IT Sale Urdu ELE Net cash outflow from investing activities Cash flows from financing activities: Proceeds from bonds issue Proceeds from common stock issue Proceeds from sale of treasury stock Proceeds from preferred stock issue Repayment of bonds I Repayment of loan Payment of dividends AM A Net cash inflow from financing activities Net increase in cash E Plus: Beginning cash balance Ending cash balance $
