Homework Ch 21 The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) 2015 2016 Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation $ 110 $125 151 56 155 20 150 155 114 740 140 56 (155) (211) $ 980 $1,130 Liabilities S 51 Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders'Equity Common stock Paid-in capital-excess of par Retained eamings 46 7 5 4 13 0 36 260 332 435 360 180 200 99 69 S 980 $1,130 CPY A MacBook Pro |888 Homework GIECE WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 ($in 000s) Revenues: Sales revenue $640 Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense $290 95 56 19 560 96 $ 80 Net income Additional infomation from the accounting records: a. Land that originally cost $26,000 was sold for $22,000. b. The common stock of Microsoft Corporation classified as a cash equivalent c. New equipment was purchased for $180,000 cash. d. A $36,000 note was paid at maturity on January 1. e. On January 1, 2016, bonds were sold at their $72,000 face value. f. Common stock ($75,000 par) was sold for $95,000 g. Net income was $80,000 and cash dividends of $50,000 were paid to shareholders. was purchased for $36,000 as a short-term investn Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Pre cash flows from operating activities by the direct method. (Amounts to be deducted should be ind with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) WRIGHT COMPANY MacBook Pro Homework Ch 21 WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2016 ($ in 000s) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities. Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities A MacBook Pro Homework Ch 21 0 Net cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities 0 Cash balance, January 1 Cash balance, December 31 0 References eBook & Resources K