Master Problem Statement of Cashews Chemiah Basis. In Change mancut day, and the Xhosphate com Gintartettem e come to the dat het die het wordt ondt Then. www. Land There we Www There State of Chlow has provide you with the proud to all that the station how the water the Champions, Inc Statement of Ches For the Year Imed December 11, 2018 Cathstrom Championship Boxing, Inc. Statement of Cash Flows For the Year Ended December 31, 2018 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 (25,370) Increase in inventories (33,450) Increase in accounts payable 41,100 Decrease in accrued expenses payable (12,470) Net cash flow from operating activities 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 Cash flows from (used for) financing activities: Cash received from sale of common stock $187.500 Cash paid for dividends (91,200) Net cash flow from financing activities Net increase in cash Cash balance, January 1, 2048 Cash balance, December 31, 2018 $124,750 (198,000) 96,300 $23,050 585,920 $608,970 Balance Sheet Using the information on above, complete the following comparative balance sheet. Championship Boxing, Inc. Comparative Balance Sheet December 31, 2048 and 2017 2048 2017 Assets Cash $585,920 230,950 618,320 Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation equipment Total assets 705,120 (166,400) $391,830 Liabilities Accounts payable (merchandise creditors) Accrued expenses payable operating expenses) Dividends payable Total liabilities 41.150 19,200 5498,080 $100,000 Stockholders' Equity Common stock, 34 par Paid-in capital in excess of par Retained earnings Total stockholders equity 280,000 $1,858,330 Total liabilities and stockholders' equity Mastery Problem: Statement of Cash Flows Championship Boxing, Inc. Championship Boxing, Inc. is a small manufacturer of cardboard boxes of all sizes. You have reported for your first day of work, and th company's new BOX-9000 computer has inadvertently erased parts of the company's balance sheet, along with almost all related data estimates that the reconstruction of the data will take about 24 hours. Unfortunately, financial staternents are to be presented at a stockholders' meeting in one hour. The company uses the indirect method missing data for the balance sheet can be prepared using the statement of cash flows. You are assigned this task since you were top 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 $326,000 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 staten activities, and cash flows from financing activities. Review the statement, and then proceed to the next panel. izes. 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 pany'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 ating 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 sh 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 mputer mishap: ed. 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 then proceed to the next panel $186.540 cies: 18,400 (50,000) (25.370) (33.450) 41.100 12.470