Business, 11.12.2019 21:31 ninaaforever
Mitch company comparative balance sheets december 31 assets 2017 2016 cash $ 68,000 $ 22,000 accounts receivable 88,000 76,000 inventory 167,000 189,000 land 80,000 100,000 equipment 260,000 200,000 accumulated depreciation—equipment (66,000 ) (32,000 ) total $597,000 $555,000 liabilities and stockholders’ equity accounts payable $ 39,000 $ 43,000 bonds payable 150,000 200,000 common stock ($1 par) 216,000 174,000 retained earnings 192,000 138,000 total $597,000 $555,000
additional information:
1. net income for 2017 was $93,000.
2. depreciation expense was $34,000.
3. cash dividends of $39,000 were declared and paid.
4. bonds payable amounting to $50,000 were redeemed for cash $50,000.
5. common stock was issued for $42,000 cash.
6. no equipment was sold during 2017. 7. land was sold for its book value.
prepare a statement of cash flows for 2017 using the indirect method. (show amounts that decrease cash flow with either a - sign e. g. -15,000, or in parenthesis e. g. (15, mitch company statement of cash flows $ adjustments to reconcile net income to $ $
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Mitch company comparative balance sheets december 31 assets 2017 2016 cash $ 68,000 $ 22,000 account...
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