I need help with the problem below See attached for what I have so far The comparative balance sheet of Idaho Al s Golf Shops Company for December 31, 2000, and 1999, is as follows (16 points) Assets12 31 0012 31 99 Cash $86,400 $51,600 A R (net) 132,400 112,600 Inventories 153,400 141,300 Investments 0 115,000 Land 85,000 0 Equipment 785,000 635,000 Accumulated Depreciation (equipment)(265,000)(211,500) 977,200 844,000 Liabilities and Stockholders Equity A P (merchandise creditors) 85,000 70,600 Accrued Expenses (operating expenses) 4,700 6,700 Dividends Payable 20,000 15,000 Common Stock, $10 par 60,000 40,000 Paid in Capital in Excess of Par CS 220,000 100,000 Retained Earnings587,500611,700 977,200 844,000 The following additional information was taken from the records The investments were sold for $132,000 cash Equipment and land were acquired for cash There were no disposals of equipment during the year The common stock was issued for cash There was a $55,800 credit to retained earnings for net income There was an $80,000 debit to retained earnings for cash dividends declared Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities plus is add the less is Al's Golf Shops Co pages 183 Statement of Cash Flows year ending 12 31 00 Cash from Operating Activities Change or Balance Net Income Cash A R (net) Inventories Investments Land Equipment Accumulated Depreciation (equipment) Net Cash from Oper Activities 55800 34,800 12,100 0 53500 72,800 Cash from Investing Activities Sale of investment Cash Paid for land and equipment 785000635000 85000 132,000 Net Cash From Investing Activities 103,000 Cash From Financing Activities Issue of common stock Dividends Net Cash from Financing Actvities Change in Cash 140,000 65,000 34,800 prev cash bal 51600 sub from 86400 34800 Statement of Retained Earnings 587500 611700(prev earnings) 55800(net income) 667500 80000 (dividends) New R E Balance 0 19,000 38,800 55800 187 196

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I need help with the problem below. See attached for what I have so far The comparative balance sheet of Idaho Al?s Golf Shops Company

I need help with the problem below. See attached for what I have so far

The comparative balance sheet of Idaho Al?s Golf Shops Company for December 31, 2000, and 1999, is as follows: (16 points)

Assets12-31-0012-31-99

Cash $86,400 $51,600

A/R (net) 132,400 112,600

Inventories 153,400 141,300

Investments 0 115,000

Land 85,000 0

Equipment 785,000 635,000

Accumulated Depreciation (equipment)(265,000)(211,500)

977,200 844,000

Liabilities and Stockholders? Equity

A/P (merchandise creditors) 85,000 70,600

Accrued Expenses (operating expenses) 4,700 6,700

Dividends Payable 20,000 15,000

Common Stock, $10 par 60,000 40,000

Paid in Capital in Excess of Par ? CS 220,000 100,000

Retained Earnings587,500611,700

977,200 844,000

The following additional information was taken from the records:

The investments were sold for $132,000 cash.
Equipment and land were acquired for cash.
There were no disposals of equipment during the year.
The common stock was issued for cash.
There was a $55,800 credit to retained earnings for net income.
There was an $80,000 debit to retained earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

plus is add the less is Al's Golf Shops Co. pages 183 Statement of Cash Flows year ending 12/31/00 Cash from Operating Activities Change "+ or " Balance Net Income Cash A/R (net) Inventories Investments Land Equipment Accumulated Depreciation (equipment) Net Cash from Oper Activities 55800 34,800 + 12,100 + 0 53500 72,800 Cash from Investing Activities Sale of investment Cash Paid for land and equipment 785000635000+85000 132,000 Net Cash From Investing Activities 103,000 Cash From Financing Activities Issue of common stock Dividends Net Cash from Financing Actvities Change in Cash 140,000 65,000 34,800 prev cash bal 51600 sub from 86400=34800 Statement of Retained Earnings 587500 611700(prev earnings)+55800(net income)=667500-80000 (dividends) New R/E Balance 0 19,000 38,800 55800 187 196