Question

Current Attempt in Progress Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash $16,700 $21,100 Short-term investments 24,800 18,800 Accounts receivable 42,700 44,800 Allowance for doubtful accounts (1,800 ) (2,000 ) Prepaid expenses 4,300 2,400 Inventory 80,700 64,700 Land 50,100 50,100 Buildings 125,100 73,700 Accumulated depreciation—buildings (29,800 ) (23,100 ) Equipment 53,500 45,900 Accumulated depreciation—equipment (19,000 ) (15,400 ) Delivery equipment 38,600 38,600 Accumulated depreciation—delivery equipment (21,800 ) (20,300 ) Patents 14,900 –0– $379,000 $299,300 Accounts payable $25,700 $15,900 Short-term notes payable (trade) 4,000 5,900 Accrued payables 3,100 4,600 Mortgage payable 73,400 53,900 Bonds payable 50,500 62,700 Common stock 138,800 102,000 Paid-in capital in excess of par 9,900 4,000 Retained earnings 73,600 50,300 $379,000 $299,300 Dividends in the amount of $14,800 were declared and paid in 2017. From this information, prepare a worksheet for a statement of cash flows. Make reasonable assumptions as appropriate. The short-term investments are considered available-for-sale and no unrealized gains or losses have occurred on these securities. (Enter amounts either in debit or in credit column in Statement of Cash Flows Effects except for totals.) SHEFFIELD CORPORATION WORKSHEET FOR PREPARATION OF STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 2017 Reconciling Items Debits Balance at 12/31/16 Debit Credit Balance at 12/31/17 Cash $21,100 $enter a debit amount $enter a credit amount $16,700 Short-term investments 18,800 enter a debit amount enter a credit amount 24,800 Accounts receivable 44,800 enter a debit amount enter a credit amount 42,700 Prepaid expenses 2,400 enter a debit amount enter a credit amount 4,300 Inventory 64,700 enter a debit amount enter a credit amount 80,700 Land 50,100 enter a debit amount enter a credit amount 50,100 Buildings 73,700 enter a debit amount enter a credit amount 125,100 Equipment 45,900 enter a debit amount enter a credit amount 53,500 Delivery equipment 38,600 enter a debit amount enter a credit amount 38,600 Patents enter a debit amount enter a credit amount 14,900 Total debits $360,100 $451,400 Credits Accounts payable $15,900 $enter a debit amount $enter a credit amount $25,700 Notes payable 5,900 enter a debit amount enter a credit amount 4,000 Accrued liabilities 4,600 enter a debit amount enter a credit amount 3,100 Allowance for doubtful accounts 2,000 enter a debit amount enter a credit amount 1,800 Accumulated Depreciation—Building 23,100 enter a debit amount enter a credit amount 29,800 Accumulated Depreciation—Equipment 15,400 enter a debit amount enter a credit amount 19,000 Accumulated Depreciation—Delivery Equipment 20,300 enter a debit amount enter a credit amount 21,800 Mortgage payable 53,900 enter a debit amount enter a credit amount 73,400 Bonds payable 62,700 enter a debit amount enter a credit amount 50,500 Common stock 102,000 enter a debit amount enter a credit amount 138,800 Paid-in capital in excess 4,000 enter a debit amount enter a credit amount 9,900 Retained earnings 50,300 enter a debit amount enter a credit amount 73,600 Total credits $360,100 $451,400 Sheffield Corporation Statement of Cash Flows Effects select an opening name for section one select an item $enter a debit amount $enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an opening name for section two select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an opening name for section three select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount select an item enter a debit amount enter a credit amount Totals enter a total debit amount for three sections enter a total credit amount for three sections select an item enter a debit amount enter a credit amount Totals $enter a total of the two previous amounts $enter a total of the two previous amounts e

Answer 1

Cashflows