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I cant seem to get this exercise right! Help! Problem 5-6 Bramble Inc. had the following balance sheet at December 31, 2016. BRAMBLE INC. BALANCE
I cant seem to get this exercise right! Help!
Problem 5-6 Bramble Inc. had the following balance sheet at December 31, 2016. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2016 Cash Accounts receivable Investments Plant assets (net) Land $23,660 Accounts payable 24,860 35,660 81,000 43,660 $208,840 Notes payable (long-term) Common stock Retained earnings $33,660 44,660 103,660 26,860 $208,840 During 2017, the following occurred 1. Bramble Inc. sold part of its investment portfolio for $17,179. This transaction resulted in a gain of $5,579 for the firm. The company classifies its investments as available-for-sale 2. A tract of land was purchased for $16,660 cash 3. Long-term notes payable in the amount of $18,179 were retired before maturity by paying $18,179 cash 4. An additional $22,179 in common stock was issued at par. 5. Dividends of $10,379 were declared and paid to stockholders. 6. Net income for 2017 was $35,660 after allowing for depreciation of $13,179 7. Land was purchased through the issuance of $38,660 in bonds. 8. At December 31, 2017, Cash was $40,660, Accounts Receivable was $45,260, and Accounts Payable remained at $33,660 Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BRAMBLE INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 35660 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Increase in Account Receivable 20400 Sale of Investments 5579 Retirement of Notes Payablev 18179 7800 Net Cash Provided by Operating Activities 7800 Cash Flows from Investing Activities Purchase of Land -16660 Net Cash Provided by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends 10379 Issuance of Common Stock 22179 Net Cash Used by Financing Activities Net Increase in Cash Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End of Year Noncash Investing and Financing Activities 386601 of bonds Land purchased through issuance of s Prepare an unclassified balance sheet as it would appear at December 31, 2017. (List Assets in order of liquidity.) BRAMBLE INC. Balance Sheet December 31, 2017 Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Your answer is incorrect. Try again. Compute two cash flow ratios. (Round ratios to 2 decimal places, e.g. O.62.) Current cash debt coverage ratio Cash debt coverage ratio
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