Question

In: Accounting

Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...

Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)

2018

2017

Assets

Cash

$

440

$

190

Accounts receivable

470

250

Inventory

620

380

Land

625

575

Building

800

800

Less: Accumulated depreciation

(200

)

(170)

Equipment

2,800

2,510

Less: Accumulated depreciation

(451

)

(420

)

Patent

1,600

1,800

$

6,704

$

5,915

Liabilities

Accounts payable

$

720

$

470

Accrued expenses payable

210

165

Lease liability—land

130

0

Shareholders' Equity

Common stock

2,650

2,500

Paid-in capital—excess of par

500

470

Retained earnings

2,494

2,310

$

6,704

$

5,915

METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December 31, 2018
($ in 000s)

Revenues

Sales revenue

$

2,807

Gain on sale of land

60

$

2,867

Expenses

Cost of goods sold

$

920

Depreciation expense—building

30

Depreciation expense—equipment

328

Loss on sale of equipment

10

Amortization of patent

200

Operating expenses

600

2,088

Net income

$

779


Additional information from the accounting records:

Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018.

During 2018, equipment with a cost of $330,000 (90% depreciated) was sold.

The statement of shareholders' equity reveals reductions of $180,000 and $415,000 for stock dividends and cash dividends, respectively.

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.

Solutions

Expert Solution


Related Solutions

Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 390 $ 190 Accounts receivable 450 240 Inventory 600 375 Land 600 560 Building 900 900 Less: Accumulated depreciation (300 ) (285 ) Equipment 2,750 2,450 Less: Accumulated depreciation (430 ) (400 ) Patent 1,500 1,650 $ 6,460 $ 5,680 Liabilities Accounts payable $ 700...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 390 $ 170 Accounts receivable 370 200 Inventory 520 355 Land 525 500 Building 900 900 Less: Accumulated depreciation (250 ) (225) Equipment 2,550 2,210 Less: Accumulated depreciation (346 ) (320...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 440 $ 190 Accounts receivable 470 250 Inventory 620 380 Land 625 575 Building 800 800 Less: Accumulated depreciation (200 ) (170) Equipment 2,800 2,510 Less: Accumulated depreciation (451 ) (420...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 580 $ 375 Accounts receivable 600 450 Inventory 900 525 Land 675 600 Building 900 900 Less: Accumulated depreciation (300 ) (270 ) Equipment 2,850 2,250 Less: Accumulated depreciation (525 )...
The comparative balance sheets for 2018 and 2017 and the income statement for 2018 are given...
The comparative balance sheets for 2018 and 2017 and the income statement for 2018 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also. ARDUOUS COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash $ 125 $ 89 Accounts receivable 198 210 Investment revenue receivable 14 12 Inventory 212 208 Prepaid insurance 12 20 Long-term investment 180 133 Land 212 158 Buildings and equipment 420 416 Less: Accumulated...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 520 $ 225 Accounts receivable 630 330 Inventory 780 420 Land 550 540 Building 700 700 Less: Accumulated depreciation (300 ) (280 ) Equipment 3,200 2,990 Less: Accumulated depreciation (439 )...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 450 $ 160 Accounts receivable 490 260 Inventory 640 385 Land 650 590 Building 800 800 Less: Accumulated depreciation (250 ) (230) Equipment 2,850 2,570 Less: Accumulated depreciation (472 ) (440...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 440 $ 190 Accounts receivable 470 250 Inventory 620 380 Land 625 575 Building 800 800 Less: Accumulated depreciation (200 ) (170) Equipment 2,800 2,510 Less: Accumulated depreciation (451 ) (420...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 540 $ 285 Accounts receivable 670 350 Inventory 820 430 Land 600 570 Building 900 900 Less: Accumulated depreciation (250 ) (220 ) Equipment 3,300 3,110 Less: Accumulated depreciation (481 )...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 550 $ 340 Accounts receivable 690 360 Inventory 840 435 Land 650 600 Building 900 900 Less: Accumulated depreciation (300 ) (265 ) Equipment 3,350 3,170 Less: Accumulated depreciation (502 )...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT