Problem 12-10A Condensed financial data of Novak Corp. follow.
Net Cash Provided by Operating Activities Purchase of Investments Purchase of Plant Assets Sale of Plant Assets Net Cash used by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Sale of Common Stock Payment of Cash Dividends Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Novak Corp. Income Statement Data For the Year Ended December 31, 2017 Sales revenue $524,421 Less Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $182,871 16,754 62,775 36,828 6,386 10,125 315,739 Net income $208,682 Additional information 1. New plant assets costing $135,000 were purchased for cash during the year 2. Old plant assets having an original cost of $77,625 and accumulated depreciation of $65,475 were sold for $2,025 cash. 3. Bonds payable matured and were paid off at face value for cash 4. A cash dividend of $35,140 was declared and paid during the year Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Novak Corp. using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g 15,000 or in parenthesis e.g. (15,000).) Novak Corp. Statement of Cash Flows Net Cash Provided by Operating Activities Purchase of Investments Purchase of Plant Assets Sale of Plant Assets Net Cash used by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Sale of Common Stock Payment of Cash Dividends Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Novak Corp. Income Statement Data For the Year Ended December 31, 2017 Sales revenue $524,421 Less Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $182,871 16,754 62,775 36,828 6,386 10,125 315,739 Net income $208,682 Additional information 1. New plant assets costing $135,000 were purchased for cash during the year 2. Old plant assets having an original cost of $77,625 and accumulated depreciation of $65,475 were sold for $2,025 cash. 3. Bonds payable matured and were paid off at face value for cash 4. A cash dividend of $35,140 was declared and paid during the year Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Novak Corp. using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g 15,000 or in parenthesis e.g. (15,000).) Novak Corp. Statement of Cash Flows
