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The comparative balance sheets of Tait Corp. are presented below: 12-31-17 $ 30,000 69,000 64,000 2.000 $ 165,000 $ 60,000 575,000 (310,000) $ 325,000
The comparative balance sheets of Tait Corp. are presented below: 12-31-17 $ 30,000 69,000 64,000 2.000 $ 165,000 $ 60,000 575,000 (310,000) $ 325,000 $ 490.000 12-31-16 $ 40,000 80,000 50,000 18.000 $ 188,000 $ 150,000 500,000 Cash Accounts Receivable Inventory Prepaid Rent Total Current Assets Land Plant and Equipment Accumulated Depreciation Total Long-Term Assets Total Assets (250,000) $ 400,000 $ 588.000 $ 65,000 50,000 S115,000 $ 75,000 $ 190,000 $ 60,000 88,000 $ 148.000 $ 150,000 $ 298,000 Accounts Payable Other Accrued Liabilities Total Current Liabilities Long-Term Bank Loan Payable Total Liabilities $ 100,000 200.000 $ 300,000 Total Liabilities and Stockholders' Equity $490.000 $ 100,000 190.000 $ 290,000 $ 588.000 Common Stock Retained Earnings Total Stockholders' Equity Additional Information for 2017: Net Income during the year was $15,000. Dividends of $5,000 were declared and paid during the year. Plant assets that originally cost $50,000 and had a book value of $30,000 were sold during the year for $25,000 in cash. Also, some new plant assets were purchased during the year for $125,000 in cash. Land was sold for $115,000 during the year. (No new Land was purchased during the year.) A portion of the bank loan was repaid during the year. Required: Prepare a statement of cash flows for Tait Corp. for the year-ended December 31, 2017 using the Indirect Method as illustrated in class.
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