Statement of Cash Flows, take-home problem Balance sheet for Hickory High, Inc. Assets 2016 2017 Cash Accounts Receivable Inventory Trading Securities Equipment A/D Building 621 1,153 547 310 1,231 (677) 371 (167) 1,458 143 837 697 986 637 556 1,314 (811) 371 A/D (176) 1,558 Land Patents Goodwill 132 849 Total Assets 5,827 6,113 Liabilities Current Liabilities Long-Term Notes Payable Bonds Payable Discount on Bonds Payable 1,244 700 1,000 1,158 770 1,000 (6) (8) Total Liabilities 2,936 2,922 Equity Common Stock Additional Paid-in Capital Retained Earnings NCI 508 1,583 720 80 600 1,763 740 88 3,191 Total Equity Total Equity and Liabilities 2,891 5,827 6,113 Other information: 1) Consolidated net income was $108 2) Parent owns 80% in each of its subsidies except for the new company it purchases in #7 3) Parent did not sell any of its trading securities, but it did purchase $210 in 2017 4) Company sold some old equipment during the year for $20, historical cost was $60, book value was $15 5) No new patents were developed during the year 6) The company paid off $40 of its long-term notes but also borrowed some new money using long-term notes 7) On December 31", Parent purchased 100% of a new subsidiary by issuing common stock with a fair value of $272. At the time of purchase, the new subsidiary had cash on its balance sheet totaling $260 and the subsidiary had net identifiable assets of $260 which equaled their book value. 8) The old subsidiaries paid a total of $10 of dividends, the newly purchased did not pay any dividends to the Parent. Because this is a take home problem, I am forcing you to really think. For example, I did not tell you the amount of dividends the Parent paid, I am making you think about how you can get that number. Use T- accounts for everything. If I do not state how the company purchased something, assume they paid cash (i.e. new equipment). Prepare in proper form a consolidated statement of cash flows for Hickory High, Inc. and its consolidated subsidiaries for 2017. Statement of Cash Flows, take-home problem Balance sheet for Hickory High, Inc. Assets 2016 2017 Cash Accounts Receivable Inventory Trading Securities Equipment A/D Building 621 1,153 547 310 1,231 (677) 371 (167) 1,458 143 837 697 986 637 556 1,314 (811) 371 A/D (176) 1,558 Land Patents Goodwill 132 849 Total Assets 5,827 6,113 Liabilities Current Liabilities Long-Term Notes Payable Bonds Payable Discount on Bonds Payable 1,244 700 1,000 1,158 770 1,000 (6) (8) Total Liabilities 2,936 2,922 Equity Common Stock Additional Paid-in Capital Retained Earnings NCI 508 1,583 720 80 600 1,763 740 88 3,191 Total Equity Total Equity and Liabilities 2,891 5,827 6,113 Other information: 1) Consolidated net income was $108 2) Parent owns 80% in each of its subsidies except for the new company it purchases in #7 3) Parent did not sell any of its trading securities, but it did purchase $210 in 2017 4) Company sold some old equipment during the year for $20, historical cost was $60, book value was $15 5) No new patents were developed during the year 6) The company paid off $40 of its long-term notes but also borrowed some new money using long-term notes 7) On December 31", Parent purchased 100% of a new subsidiary by issuing common stock with a fair value of $272. At the time of purchase, the new subsidiary had cash on its balance sheet totaling $260 and the subsidiary had net identifiable assets of $260 which equaled their book value. 8) The old subsidiaries paid a total of $10 of dividends, the newly purchased did not pay any dividends to the Parent. Because this is a take home problem, I am forcing you to really think. For example, I did not tell you the amount of dividends the Parent paid, I am making you think about how you can get that number. Use T- accounts for everything. If I do not state how the company purchased something, assume they paid cash (i.e. new equipment). Prepare in proper form a consolidated statement of cash flows for Hickory High, Inc. and its consolidated subsidiaries for 2017