Practice Problem 5-1 (Part Level Submission) Fowler Inc. had the following balance sheet at December 31, 2016 FOWLER INC. BALANCE SHEET DECEMBER 31, 2016 Cash Accounts receivable Investments Plant assets (net) Land $8,300 Accounts payable 12,600 Bonds payable 14,000 Common stock 36,000 Retained earnings 17,000 $87,900 $14,300 9,000 36,000 28,600 $87,900 During 2017, the following occurred 1. Net income was $28,500. 2. Depreciation expense was $7,000. 3. Fowler liquidated its investment portfolio (comprised of available-for-sale investments) realizing a $4,000 loss. 4. Fowler issued $21,000 of common stock at par. 5. Dividends of $8,200 were declared and paid to stockholders. Accounts receivable and accounts payable at December 31, 2017 were $14,900 and 6. $12,700, respectively. 7. Fowler obtained $8,000in plant assets in exchange for issuing bonds 8. Fowler purchased additional plant assets for $17,500. 9. Fowler purchased land for $19,000. 10. Cash at December 31, 2017 was $30,200. Y (a) Prepare a statement of cash flows for the year 2017 for Fowler. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) FOWLER INC Stabement of Cash Flows Cash flow Statement Cashflows from Operating activities Net income for the vear Adjustment required fro reconciliation: Depreciation Loss on sale of investment Increase in Accounts receivable Decrease in Accounts payable Net cash provided from Operating activvitis 28500 7000 4000 -2300 -1600 35600 Cashflows from Investing activities Purchase of plant Purchasse of land Sale of investment Net cash used in investing activities -17500 19000 10000 -26500 Cashflows from Financing activities: Issue of common Stock Dividend paid Net cahs provided from Financing activities Net increasse in cash Beginning Balance of cash Ending balance of cash 21000 -8200 12800 21900 8300 30200 Balance Sheet December 31, 2017 Assets 30200 Cash 14900 Accounts Receivable 61500 Plant Assets 36000 Land 142600 Liabilities and Stockholders' Equity Accounts Payable 12700 Bonds Payable 17000 Common Stock 57000 Retained Earnings 40800 sHoW LIST OF ACCOUNTS LINK TO TEXT LINK TOTEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Poten to search @w'p SHOW LIST OF ACCOUNTS LINKTO TEXT LINK TO TEXT LINK TO TEXT ! By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by y The parts of this question must be completed in order. This part will be available when you complete the part above. MacBook Air 888 4