Master Problem Statement of Cash Flow Championship Boxing, Inc. Danachadones cortos y of work and company was starts to come 0 comment, where we are the south In ons met care.com The 120,000 2.00 .. They 12.00 Then. Iedereen det statement of Cashews Yours with regarder det att det we cam that Campionati Bening. In Statement of Cashews For the Year Endet December 31, 2018 och trong 1400 0.0001 dan Cane Inow 2.410 33.1101 41.100 12.70 1. trum Gishowe unge Chrome Car Chorus 0.000 12,00 1.000 Cash) Caree common 6.100 1.00 heter G. S520 Nel Ce My or when Caur Durch | Wap Gas m Mud M G tivities 152.000 (188,000 Odmah 16.500 L200 Ninh Casa, L. 20 Gastroenter 0 2.300 23.110 55.900 109,630 Balance Sheet then bove, Championship Boxing, Inc. Comparative Balance Sheet December 21, 2018 2017 LABE Assets Cash GO8.40 230, 651,770 $385.00 205.500 Acce ht 13.00 19 230,000 UN P 326.000 705,120 10.000 2,356,380 553,120 145.000 w uitet price Tot 2.041.040 Accorre able the rear 132.900 41,100 11.030 53,620 X 10,200 Dividere 24.000 SA | | 000's 3100,000 Stockholders Com 4 Faid captain of par Ringe Tural stockhout 412.500 200.000 1,290,630 X 1,200,200 x 1.100 Totes and other 2.150.00 X 2,066,940 Printiem Mastery Problem: Statement of Cash Flows Championship Boxing, Inc. Championship Boxing, Inc. is a small manufacturer of cardboard boxes of all stres. You have reported for your first day of work, and the company is in an uproar. Yearly financial statements are being prepared, but a computer malfunction of the company's new BOX-9000 computer has inadvertently erased parts of the company's balance sheet, along with almost all related data except the company's statement of cash flows. The IT department is working to retrieve earlier backups, but estimates that the reconstruction of the data will take about 24 hours Unfortunately, financial statements are to be presented at a stockholders' meeting in one hour. The company uses the Indirect method to prepare its statement of cash flows (rather than the direct method), so your new supervisor believes the missing data for the balance sheet can be prepared using the statement of cash flows. You are assigned this task, since you were top student in your business school class. Meanwhile, the supervisor will go to the stockholders' meeting and give some introductory remarks In addition to the statement of cash flows, the following data survived the computer mishap: The investments were sold for $280,000 cash. Equipment was acquired for $152,000 cash Land was acquired for $325,000 cash There were no disposals of equipment during the year 12,500 shares of common stock were sold for cash during the year There was a $96,000 debit to Retained Earnings for cash dividends declared. Statement of Cash Flows Your supervisor has provided you with the following statement of cash flows, prepared using the indirect method. Recall that the statement of cash flows consists of three sections: cash flows from operating activities, cash flows from Investing activities, and cash flows from financing activities. Review the statement, and then proceed to the next panel Statement of Cash Flows Your supervisor has provided you with the following statement of cash flows, prepared using the indirect method. Recall that the statement of cash flows consists of three sections: cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Review the statement, and then proceed to the next panel Championship Boxing, Inc. Statement of Cash Flows For the Year Ended December 31, 2048 Cash flows from (used for operating activities: Net income $186,540 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 18,400 Gain on sale of investments (50,000) Changes in current operating assets and liabilities: Increase in accounts receivable (25,410) Increase in inventories (33,350) Increase in accounts payable 41,100 Decrease in accrued expenses payable (12,470) Net cash flow from operating activities $124,810 Cash flows from (used for) investing activities: Cash received from sale of investments $280,000 Cash paid for purchase of land (326,000) Cash paid for purchase of equipment (152,000) Net cash flow used for investing activities (198,000) Cash flows from (used for) financing activities: Cash received from sale of common stock $187,500 Cash paid for dividends 191,200) Net cash flow from financing activities 96,300 Net increase in cash $23,110 Cash balance, January 1, 2018 585,920 Cash balance, December 31, 2048 $609,030 owing comparative balance sheet. Championship Boxing, Inc. Comparative Balance Sheet December 31, 2048 and 2017 2018 2017 Assets Cash $585,920 608,940 x 230,970 651,770 205,580 X Accounts receivable (net) Inventories Investments Land 618,420 0 230,000 326,000 705,120 Equipment Accumulated depreciation-equipment Total assets 553,120 148,000 (166,000) 2,356,380 x 2,044,940 x 432,900 x $391,830 Liabilities Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Total liabilities 53,620 x 41,160 24,000 19,200 $498,090 150,000 $100,000 Stockholders' Equity Common stock, $4 par Paid-in capital in excess of par Retained earnings 417,500 280,000 1,290,830 x 1,200,290 X Total stockholders' equity $1,858,400 Total liabilities and stockholders' equity 2,356,380 X 2,044,940 X