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+ information follow D Page view A Read aloud 1 Add text Draw Exercise - 1 Sunset Cove Ice Cream Inc. lacome Statement For Year Ended December 31, 2017 Sunset Covelce Cream Inc. Comparative Balance Sheet Information December 31 2017 2016 Cash... $ 43,050 $23,925 Accounts receivable 34,125 39,825 Merchandise inventory 156,000 146,475 Prepaid expenses 3,600 1,650 Equipment... 135,825 146,700 Accumulated depreciation 61.950 47,550 Accounts payable 31,475 33,750 Dividends payable 0 4,500 Bonds payable 10,000 37,500 Common shares 208,750 168,750 Retained earings 66,525 Sales $ 380,850 Cost of goods sold - $222,300 Other operating expenses 134,850 Depreciation expense...... 25.500 (382,650) Loss on sale of equipment..... (3,300) LOSS 5,100 60,425 Additional information: a Equipment costing $21,375 was sold for cash b. The change in the balance of Accumulated Depreciation resulted from depreciation expense and from the sale of equipment c Equipment was purchased for cash d. The change in the balance of Retained Earnings resulted from dividena declarations and the loss Required Prepare a statement of cash rows using the indirect method for the year ended December 31 2017 60 + 1 B 00 S Page view A Read aloud | Add text Drau Sanset Cone Cream Star For You Led Dec 31, 2017 Sies Cot of goods sold Other peringen Deparator Loss on equipment Los $ 3.850 3222.000 1140 25.500 2.0508 13.2003 1100 mo no Sunt core le Chan Come Balance Shetlana December 31 2017 2016 Cash 14.050 $23.925 Account 34,125 39,825 Merchandise 156,000 146,475 Prepaid penses 3,600 1.650 Equipment (135,825 146,700 Acculated precision 61.950 47,580 Account pot 31,475 33.750 Dividende 4.500 Bonds 10,000 37.500 Common shares 208.750 168.750 Retained ning 60.425 66.525 Additional information Alates were made on credit Al merchandise purchases were on credit - Accounts Payable balances resulted from merchandise purchases Prepaid expenses relate to other operating expenses e Equipment costing $21375 was sold for cash Equipment was purchased for cash The change in the balance of Accumulated Depreciation resulted from depreciation expense and from the sale of equipment n. The change in the balance of Retained Earningsruted from dividend decoration and the low Required Prepare a statement of cash flows using the direct method for the year ended 2017 Add te OPERATING ACTIVITIES + 3 D Page view A Read aloud provided by operating activities: Cash paid for merchandise: Changes in non-cash current assets: COGS +(-) Decrease (Increase) in AR +-) Increase (Decrease) in Inventory +-) Decrease (Increase) in Inventory +-) Decrease increase in Accounts Payable +-)Decrease (Increase in Prepaid Assets Cash pald for wages and operating expenses Changes in current liabilities: =Wages and operating expenses +-) Increase (Decrease) in AVP +-) Increase (Decrease) in prepaid expenses +-- Increase (Decrease) in Interest Payable +-) Decrease increase) in accrued liabilities +(-) Increase (Decrease in Taxes Payable Cash paid for interest: +(-) Increase (Decrease) in Other Payables interest expense Adunt for financing or investing activities that +-) Decrease increase in interest payable Impacted the income statement: Cash paid for taxes: + Expenses with no cash outflow (such as Income tax expense depreciation) H-) Decrease increase) in Income taxes +(-) Non Operating Loss (Gains such as on payable sale of equipment and fosse Ganson sale of Investment B Net Cashflow from Operating Activities SAME AS INDIRECT METHOD CASH FLOWS FROM INVESTING ACTIVITIES Net Cash Inow tror Operating Activities + Cash received from sale of PPE Cash paid for purchase of PPE + Cash received from sale of investments -Cash paid on sale of investments + Cash collected on principal repayment from loans provided to a third party Cash paid to provide loans to a third party Net Cash Inflow (Outflow) for investing activities Cash received from issuing shares/bonds Cashpond to retire short Cash paid for dvidende Cashped to pay to lenders Cash withdww by owners SAME AS INDIRECT METHOD CASH FLOWS FROM FRANCING ACTIVITIES Net Cash Our Manding ath NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH FOUNALENTS BEGINNING OF PERIOD CASH AND CAR EQUIVALENTS AT END OF PERIOD -A +0.0 END OF PRIOR TEAR CASH CURRENT PERO CASH FLOW
