Question
Presented below is a condensed version of the comparative balance sheets for Skysong Corporation for the last two years at December 31. 2017 2016 Cash
Presented below is a condensed version of the comparative balance sheets for Skysong Corporation for the last two years at December 31.
2017 2016
Cash $ 371,700 $ 163,800
Accounts receivable 378,000 388,500
Investments 109,200 155,400
Equipment 625,800 504,000
Accumulated Depreciation-Equipment (222,600 ) (186,900 )
Current liabilities 281,400 317,100
Common stock 336,000 336,000
Retained earnings 644,700 371,700
Additional information: Investments were sold at a loss of $21,000; no equipment was sold; cash dividends paid were $63,000; and net income was $336,000.
Prepare a statement of cash flows for 2017 for Skysong Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Direct
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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