The balance sheet data of Ivanhoe Company at the end of 2017 and 2016 are shown...

The balance sheet data of Ivanhoe Company at the end of 2017 and 2016 are shown below.

	2017		2016
Cash	$29,800		$35,300
Accounts receivable (net)	54,500		44,900
Inventory	65,000		44,900
Prepaid expenses	15,200		24,700
Equipment	90,000		74,700
Accumulated depreciation—equipment	(18,000	)	(8,100	)
Land	70,500		40,000
	$307,000		$256,400

Accounts payable	$64,900		$51,700
Accrued expenses	15,000		17,800
Notes payable—bank, long-term	–0–		22,800
Bonds payable	30,000		–0–
Common stock, $10 par	188,000		157,500
Retained earnings	9,100		6,600
	$307,000		$256,400

Land was acquired for $30,500 in exchange for common stock, par $30,500, during the year; all equipment purchased was for cash. Equipment costing $12,900 was sold for $3,000; book value of the equipment was $6,000. Cash dividends of $10,000 were declared and paid during the year.

Compute net cash provided (used) by:

(a)	Net Cash provided/ used by operating activities.	$
(b)	Net Cash used/ provided by investing activities.	$
(c)	Net Cash used/ provided by financing activities.	$

Expert Solution

Solution:

Ivanhoe Company
Statement of Cash Flows
For year ended 2017
Particulars	Details	Amount
Cash Flow from Operating Activities:
Net Income ($9,100 - $6,600 + $10,000)	$12,500.00
Adjustments to reconcile net income to net cash provided by operations:
Depreciation Expense ($18,000 - $8,100 + $6,900)	$16,800.00
Loss on sale of equipment	$3,000.00
Increase in accounts receivables ($54,500 - $44,900)	-$9,600.00
Increase in inventory ($65,000 - 44,900)	-$20,100.00
Decrease in prepaid expenses ($24,700 - $15,200)	$9,500.00
Increase in accounts payable ($64,900 - $51,700)	$13,200.00
Decrease in accrued expenses ($17,800 - $15,000)	-$2,800.00

Net Cash provided by operating activities		$22,500.00

Cash Flow from Investing Activities:
Purchase of equipment ($90,000 - $74,700 + $12,900)	-$28,200.00
Sale of equipment	$3,000.00

Net Cash Provided by Investing activities		-$25,200.00

Cash Flow from Financing Activities:
Dividend Paid	-$10,000.00
Repayment of notes payable	-$22,800.00
Proceed from issue of bond	$30,000.00

Net Cash used in financing activities		-$2,800.00

Net Increase / (Decrease) in Cash		-$5,500.00
Cash balance at beginning of year		$35,300.00

Cash balance at end of year		$29,800.00

Non Cash investing and financing activities:
Land purchase by issue of common stock		$30,500.00

ekkarill92 answered 1 year ago

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