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Thiss all one question Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are Additional information from the accounting records
Thiss all one question
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are Additional information from the accounting records of Metagrobolize also is provided given below for Metagrobolize Industries METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash 480 550 250 Accounts receivable Inventory Land 290 700 400 700 800 650 Building Less: Accumulated depreciation Equipnent Lessi Accumulated depreciation Patent 800 (250) 3,000 (355) 1,000 (215) 2,750 (320) 1,150 $6,625 $ 5,755 Liabilities Accounts payable Acerued expenses payable Lease liabi1ity-land Shareholders' Equity Common stock 800 250 550 220 130 2,660 2,500 Paid-in capital-exce8s of par Retained earnings 600 2,185 560 1,925 $6,625 $5,755 1pdf METAGROBO1IZE INDUSTRIES Income Statement For the Year Ended Decenber 31, 2018 $5,755 $6,625 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in 000s) Reveaues Sales revenue Gain on sale of land Expenses $3,020 80 $3,100 Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipnent. Amortization of patent Operating expenses $1,000 35 440 20 150 600 2,245 Net incone 855 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018. b. During 2018, equipment with a cost of $450,000 (90 % depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $200,000 and $395,000 for stock dividends and cash dividends, respectively Required: Prepare the statement of cash flows of Metagrobolize for the vear ended December 31, 2018. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 (S in 000s) Cash flows from operating activities: Cash inflows: $ 2,760 From customers Cash outflows To suppliers of goods (1,050) For operating expenses (570) Net cash flows from operating activities 1.140 Cash flows from investing activities Purchase of equipment (700) Sale of land Sale of equipment To suppliers of goods (1,050) For operating expenses (570) Net cash flows from operating activities 1,140 Cash flows from investing activities: Purchase of equipment (700) Sale of land Sale of equipment Net cash flows from investing activities (700) Cash flows from financing activites: Payment lease liability Payment of cash dividends Net cash flows from financing activities 0 Net increase in cash Cash balance, January 1 250 Cash balance, December 31 $ 250 Noncash investing and financing activities: Acquired land Step by Step Solution
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