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Presented below are data taken from the records of Ayayai Company. December 31, 2017 December 31, 2016 Cash $14,900 $8,100 Current assets other than cash
Presented below are data taken from the records of Ayayai Company.
December 31, 2017 | December 31, 2016 | |||
Cash | $14,900 | $8,100 | ||
Current assets other than cash | 84,700 | 59,900 | ||
Long-term investments | 10,100 | 53,100 | ||
Plant assets | 334,600 | 214,100 | ||
$444,300 | $335,200 | |||
Accumulated depreciation | $20,200 | $40,000 | ||
Current liabilities | 40,100 | 21,800 | ||
Bonds payable | 74,900 | 0 | ||
Common stock | 256,500 | 256,500 | ||
Retained earnings | 52,600 | 16,900 | ||
$444,300 | $335,200 |
Additional information:
1. | Held-to-maturity securities carried at a cost of $43,000 on December 31, 2016, were sold in 2017 for $34,300. The loss (not unusual) was incorrectly charged directly to Retained Earnings. | |
2. | Plant assets that cost $50,100 and were 80% depreciated were sold during 2017 for $7,900. The loss was incorrectly charged directly to Retained Earnings. | |
3. | Net income as reported on the income statement for the year was $56,900. | |
4. | Dividends paid amounted to $10,380. | |
5. | Depreciation charged for the year was $20,280. |
Prepare a statement of cash flows for the year 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
AYAYAI COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activis Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Sale of Investments Loss on Sale of Plant Assets Increase in Current Assets other than Cash Increase in Current Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities
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