Saved Help Save& ExitS Check my we The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 (s in 000s) 2018 2017 Assets Cash Accounts receivable $ 143 $ 130 175 70 30 170 160 600 Short-term investment Inventory Land 175 130 800 Buildings and equipment Less: Accumulated depreciation235)1 1752 $1,2541,090 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders Equity Common stock $ 51 55 12 40 300 380 400 475 221 200 70 11010 Paid-in capital-excess of par $1,254$1,090 IGIHT COMPANY Incone Statenent or Year Ended December 31. 2018 Next> C Prev1 of 15 Chapter 21 Saved Help Save & Exit Check my WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 (s in 000s) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense s 700 $330 95 60 12 99 600 Net income $ 100 Additional information from the accounting records a. Land that originally cost $30,000 was sold for $26,000. b. The common stock of Microsoft Corporation was purchased for $40,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $200,000 cash. d. A $40,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $80,000 face value. f. Common stock ($75,000 par) was sold for $96,000. 9. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) Next > of 15 Prev 1 WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash flows from operating activities Cash inflows: From customers 704 Book Cash outfiows: Print To suppliers of goods 441 ferences 98 For interest For income taxes 105 Sale of bonds payable Net cash flows from operating activities. 1,359 Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities r 21 Saved Net cash flows from operating activities. 1,359 Cash flows from investing activities: ok nt Net cash flows from investing activities 0 Cash flows from financing activities: nces Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31
