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Sheridan Corporations balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,600 Current liabilities $151,600 Land 32,700 Bonds payable
Sheridan Corporations balance sheet at the end of 2016 included the following items.
Current assets (Cash $82,000) | $236,600 | Current liabilities | $151,600 | ||||
Land | 32,700 | Bonds payable | 101,600 | ||||
Buildings | 121,600 | Common stock | 182,700 | ||||
Equipment | 92,700 | Retained earnings | 46,700 | ||||
Accum. depr.-buildings | (31,600 | ) | Total | $482,600 | |||
Accum. depr.-equipment | (11,000 | ) | |||||
Patents | 41,600 | ||||||
Total | $482,600 |
The following information is available for 2017.
1. | Net income was $59,140. | |
2. | Equipment (cost $21,600 and accumulated depreciation $9,600) was sold for $11,600. | |
3. | Depreciation expense was $5,600 on the building and $10,600 on equipment. | |
4. | Patent amortization was $2,500. | |
5. | Current assets other than cash increased by $29,000. Current liabilities increased by $14,600. | |
6. | An addition to the building was completed at a cost of $28,600. | |
7. | A long-term investment (Equity) in stock was purchased for $16,000. | |
8. | Bonds payable of $52,700 were issued. | |
9. | Cash dividends of $30,000 were declared and paid. | |
10. | Treasury stock was purchased at a cost of $11,000. |
Prepare a statement of Cashflows for 2017.
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