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The comparative balance sheets of Kingbird Inc. at the beginning and the end of the year 2017 are as follows. The comparative balance sheets of
The comparative balance sheets of Kingbird Inc. at the beginning and the end of the year 2017 are as follows.
The comparative balance sheets of Kingbird Inc. at the beginning and the end of the year 2017 are as follows KINGBIRD INC. BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation $47,790 95,530 43,530 21,530 $165,320 $15,790 89,740 23,740 11,000 $118,270 $32,000 Inc. 5,790 Inc 19,790 Inc. 10,530 Inc. -Equipment Total Accounts payable Common stock Retained earnings 24,530 102,790 38,000 $165,320 $16,740 81,740 19,790 $118,270 7,790 Inc. 21,050 Inc. 18,210 Inc. Total Net income of $48,530 was reported, and dividends of $30,320 were paid in 2017. New equipment was purchased and none was sold Prepare a statement of cash flows for the year 2017. (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 Dece et Income 48530 Adjustments to reconcile net income toStep by Step Solution
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