Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Waterway Corporation Balance Sheet December 31, 2016 and December 31, 2017 2016 Dr. Cr. 2017 Assets Cash $120,900 $274,350 Accounts Receivable 286,750 279,000 Inventory 185,000
| Waterway Corporation | ||||
| Balance Sheet | ||||
| December 31, 2016 and December 31, 2017 | ||||
| 2016 | Dr. | Cr. | 2017 | |
| Assets | ||||
| Cash | $120,900 | $274,350 | ||
| Accounts Receivable | 286,750 | 279,000 | ||
| Inventory | 185,000 | 185,000 | ||
| Investments | 114,700 | 80,600 | ||
| Equipment | 372,000 | 461,900 | ||
| Accummulated Depreciation | (137,950) | (164,300) | ||
| Total | $941,400 | $1,116,550 | ||
| Liabilities and Stockholders' Equity | ||||
| Accounts Payable | $234,050 | $207,700 | ||
| Bonds Payable | 185,000 | 130,000 | ||
| Common Stock | 248,000 | 303,000 | ||
| Retained Earnings | 274,350 | 475,850 | ||
| Total | $941,400 | - | - | $1,116,550 |
| Additional Information: | ||||
| 1. Net income for 2017 | $248,000 | |||
| 2. Investments were sold at a loss of $15,500 | ||||
| 3. Cash dividends declared and paid | $46,500 | |||
| 4. Bonds payable retired by issuing common stock | $55,000 | |||
| In the space below, prepare a Statement of Cash Flows for the year ended December 31, 2017: | ||||
| Use the worksheet (above) to aid your work if you like. I will grade the resulting cash flow statement (below) only. | ||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started