Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pls use the cash flow statement solve this problem. Selected financial statement information and additional data for Ronis Co. is presented below. Use this information
pls use the cash flow statement solve this problem.
Selected financial statement information and additional data for Ronis Co. is presented below. Use this information to answer the next (3) questions concerning in preparing a statement of cash flows for the year ending December 31, 2017. December 31 Cash ...... Accounts receivable (net)........ Inventory ... Land Equipment Accumulated depreciation... TOTAL Accounts payable.... Bonds payable - long-term ... Common stock Retained earnings.. TOTAL 2016 $60,000 67,000 210,000 350,000 385,000 (280,000) $792,000 42,000 225,000 250,000 275,000 $ 792.000 2017 $122,000 100,000 198,000 300,000 405,000 (260,000) $865,000 40,000 260,000 250,000 315,000 $865.000 Additional data for 2017: 1. Net income was $70,000. 2. Depreciation was recorded for 2017. 3. Land was sold for $65,000 cash, and no land was purchased this year. 4. Equipment with an original cost of $100,000 and book value of $55,000 was sold for a loss of $5,000. 4. Dividends were declared and paid. 5. Equipment was purchased for cash. 6. A long-term bond was issued for cash. Required: Using the above information, answer the following questions. Show your work on the next page for partial credit. A Cash Flow from Operations: $62,000 ($5,000) B. Cash Flow from Investing $5,000 C. Cash Flow from FinancingStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started