Question

In: Accounting

The following is a condensed version of the comparative balance sheets for Shamrock Corporation for the...

The following is a condensed version of the comparative balance sheets for Shamrock Corporation for the last two years at December 31.

2020

2019

Cash

$ 300,900 $ 132,600

Accounts receivable

306,000 314,500

Investments

88,400 125,800

Equipment

506,600 408,000

Accumulated Depreciation-Equipment

(180,200 ) (151,300 )

Current liabilities

227,800 256,700

Common stock

272,000 272,000

Retained earnings

521,900 300,900


Additional information:

Investments were sold at a loss of $17,000; no equipment was sold; cash dividends paid were $51,000; and net income was $272,000.

Prepare a statement of cash flows for 2020 for Shamrock Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Solutions

Expert Solution

Cash Flow Statement - Shamrock Corporation
Indirect Method
Cash Flow From Operating Activities
Net Income $272,000.00
Adjustments
Add: Depreciation (180200-151300) $28,900.00
Add: Loss on Sale of investment $17,000.00
Add: Decrease In Accounts Receivables $8,500.00
Less: Deccrease In Current Liabilities -$28,900.00
$25,500.00
Cash Flow From Operating Activities $297,500.00
Cash Flow From Investing Activities
Sale Proceeds Of Investment (125800-88400)-17000 $20,400.00
Purchase Equipment -$98,600.00
Cash Flow From Investing Activities -$78,200.00
Cash Flow From Financing Activities
Cash Dividends Paid -$51,000.00
Cash Flow From Financing Activities -$51,000.00
Net Cash Flow For The Year $168,300.00
Add:Beginning Cash Balance $132,600.00
Ending Cash Balance $300,900.00

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