The comparative balance sheets of Glacier Corporation showed the following at December 31.

The income statement for 2017 was as follows:
Glacier Corporation
income statement
For the Year Ended December 31, 2017

Additional information:
a. Cash dividends paid during the year amounted to $6.
b. Land was sold during the year for $10. It was originally purchased for $14.
c. Equipment was sold during the year that originally cost $7. Carrying amount was $5.
d. Equipment was purchased for $41.
Required:
1. Prepare a cash flow table.
2. Prepare a statement of cash flows for the year ended December 31, 2017.
3. Comment on the operating, financing, and investing activities of Glacier Corporation for the year ended December 31, 2017

Transcribed Image Text:

2017 2016 Debits Cash Accounts receivable Merchandize inventory Land Plant and equipment $10 18 24 10 94 $ 8 10 20 60 $156 $122 Credits Accumulated depreciation Accounts payable Non-current borrowings Common shares Retained earnings $14 10 12 32 50 18 $122 16 40 60 26 S156 $ Sales Cost of sales Gross profit Operating expenses $300 200 100 Rent Depreciation 83 17 6 Income from operations Other gains (losses) Gain on sale of equipment Loss on sale of land Net income 14