Question
I need assistance with statement of cash flows for year ending December 31, 2017 Selected financial statement information and additional data for Stanislaus Co. is
I need assistance with statement of cash flows for year ending December 31, 2017
Selected financial statement information and additional data for Stanislaus Co. is presented below.
December 31 | ||||||
2016 | 2017 | |||||
Cash | $42,180 | $72,250 | ||||
Accounts receivable (net) | 85,510 | 143,900 | ||||
Inventory | 168,090 | 205,170 | ||||
Land | 58,970 | 19,050 | ||||
Equipment | 500,780 | 785,670 | ||||
TOTAL | $855,530 | $1,226,040 | ||||
Accumulated depreciation | $83,850 | $114,170 | ||||
Accounts payable | 49,780 | 85,600 | ||||
Notes payable - short-term | 66,310 | 28,470 | ||||
Notes payable - long-term | 168,710 | 300,210 | ||||
Common stock | 420,990 | 491,270 | ||||
Retained earnings | 65,890 | 206,320 | ||||
TOTAL | $855,530 | $1,226,040 |
Additional data for 2017: | ||
1. | Net income was $221,560. | |
2. | Depreciation was $30,320. | |
3. | Land was sold at its original cost. | |
4. | Dividends of $81,130 were paid. | |
5. | Equipment was purchased for $83,110 cash. | |
6. | A long-term note for $201,780 was used to pay for an equipment purchase. | |
7. | Common stock was issued to pay a $70,280 long-term note payable. |
Prepare a statement of cash flows for the year ending December 31, 2017.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started