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Problem 12-9A Condensed financial data of Cheyenne Corp. follow Cheyenne Corp Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment
Problem 12-9A Condensed financial data of Cheyenne Corp. follow Cheyenne Corp Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2019 2018 $119,400 $47,400 92,500 32,000 112,600 102,600 29,100 25,300 140,600 114,700 264,200 243,000 (51,600) $712,000 $513,400 (46,400) Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $111,700 S68,000 16,300 17,500 115,300 149,100 220,000 175,100 248,700 103,700 $712,000 $513,400 Total Cheyenne Corp Income Statement For the Year Ended December 31, 2019 Sales revenue Less $391,900 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $135,000 11,200 33,200 27,600 4,300 7,500 218,800 Net income Additional information: 1. New equipment costing $79,900 was purchased for cash during the year 2. Old equipment having an original cost of $58,700 was sold for $12,800 cash 3. Bonds matured and were paid off at face value for cash 4. A cash dividend of $28,100 was declared and paid during the year Prepare a statement of cash flows 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).) Statement of Cash Flows For the Year Ended December 31, 2019 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Disposal of Plant Assets Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Decrease in Accrued Expenses Payable Increase in Accounts Payable Net Cash Provided by Investing Activities Net Cash Used by Investing Activities Purchase of Plant Assets Sale of Plant Assets Purchase of Investments Net Cash Used by Investing Activities Net Cash Used by Financing Activities Issuance of Bonds
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