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Larkspur Inc. had the following balance sheet at December 31, 2016. LARKSPUR INC. BALANCE SHEET DECEMBER 31, 2016 Cash $ 9,000 $ 15,400 Accounts payable
Larkspur Inc. had the following balance sheet at December 31, 2016. LARKSPUR INC. BALANCE SHEET DECEMBER 31, 2016 Cash $ 9,000 $ 15,400 Accounts payable Bonds payable Accounts receivable 12,200 9,200 Investments 13,900 Common stock 36,700 Plant assets (net) 37,000 Retained earnings 27,800 Land 17,000 $ 89,100 $ 89,100 During 2017, the following occurred. 1. Net income was $ 30,000. 2. Depreciation expense was $ 7,700. 3. Larkspur liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $4,700 loss. 4. Larkspur issued $ 21,100 of common stock at par. 5. Dividends of $ 9,200 were declared and paid to stockholders. Accounts receivable and accounts payable at December 31, 2017 were $ 15,200 and $ 13,300, respectively. 6. 7. Larkspur obtained $ 8,900in plant assets in exchange for issuing bonds. 8. Larkspur purchased additional plant assets for $ 16,900. 9. Larkspur purchased land for $ 19,400. 10. Cash at December 31, 2017 was $ 31,100. Prepare a statement of cash flows for the year 2017 for Larkspur. (Show amounts that decrease cash flow with either a-signeg. -15,000 or in parenthesis e.g. (15,000).) LARKSPUR INC. Statement of Cash Flows $ Adjustments to reconcile net income to
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