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Exercise 17-7 Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December...

Exercise 17-7

Rojas Corporation’s comparative balance sheets are presented below.

ROJAS CORPORATION
Comparative Balance Sheets
December 31

2017

2016
Cash

$15,100

$10,300
Accounts receivable

21,700

23,900
Land

20,200

26,300
Buildings

70,300

70,300
Accumulated depreciation—buildings

(14,600

)

(10,000

)
   Total

$112,700

$120,800
Accounts payable

$12,700

$28,600
Common stock

74,400

73,300
Retained earnings

25,600

18,900
   Total

$112,700

$120,800


Additional information:

1. Net income was $23,000. Dividends declared and paid were $16,300.
2. No noncash investing and financing activities occurred during 2017
3. The land was sold for cash of $4,500.

Solutions

Expert Solution

ROJAS CORPORATION
Cash Flow Statement (Indirect Method)
Cash flows from operating activities
Net Income $   23,000
Adjustments for:
Depreciation expenses $      4,600 14600-10000
Loss on Sale of land $      1,600 26300-20200-4500
Decrease in Accounts Receiveble $      2,200 23900-21700
Decrease in Accounts Payable $ (15,900) 12700-28600
$   (7,500)
Cash Generated from Operations $   15,500
Cash flows from investing activities
Proceeds from sale of Land $      4,500
Net cash provided by investing activities $      4,500
Cash flows from financing activities
Proceeds from issue of common stock $      1,100 74400-73300
Dividends Paid $ (16,300)
Net cash used in financing activities $ (15,200)
Net increase in cash and cash equivalents $      4,800
Cash and cash equivalents at beginning of period $   10,300
Cash and cash equivalents at end of period $   15,100

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