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The comparative belance sheets for Veughn Corporetion show the following information. December 31 2017 2016 Cash...
The comparative belance sheets for Veughn Corporetion show the following information. December 31 2017 2016 Cash $33,700 $12,800 12,200 9,900 12,000 9,100 -0 3,000 Accounts receivable 0- 30,000 11,900 19,800 5,000 6,200 $107,800 $90,800 Buildings Patents Allowance for doubtful $2,900 $4,500 depreclation2,100 cquipment -6,000 5,000 3,000 05,000 3,10 4,000 31,000 25,000 43,000 33,000 20,700 5,B00 $107,800 $90,800 Accounts payable Notes payable, short-term (nontrade) Lang-term notes payable Common stock Retained earnings Additional data related to 2017 are as follows. 1. Equipment that had cost S11, 100 and was 40% depreciated at time of disposel was sold for $2,400. 2. $10,0OD of the long term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000 4. On January 1, 2017, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,800 (net of $2,100 taxes). 5. Investments (available-for-sale) were sold at $1,700 abavE their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term nate for $16,000 was issued far the acquisition of equipment B. Interest or 1,900 and income taxes or s6,500 were paid in cash. Prepare statement Of cash flows using the indirect methad.
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Expert Solution
| VAUGHN CORPORATION | ||
| Statement of Cash Flows | ||
| For the Year Ended December 31, 2017 | ||
| Cash flows from operating activities | ||
| Net income | 14,900.00 | |
| Loss on sale of equipment (WN.1) | 4,260.00 | |
| Gain from flood damage (WN 2) | - 7,900.00 | |
| Depreciation expense | 2,040.00 | |
| Patent amortization | 1,200.00 | |
| Gain on sale of investments | - 1,700.00 | |
| Increase in Accts Receivable | - 3,900.00 | |
| Increase in inventory | - 2,900.00 | |
| Increase in accounts payable | 2,000.00 | - 6,900.00 |
| Net cash provided by operating activities | 8,000.00 | |
| Cash flows from investing activities | ||
| Sale of investments | 4,700.00 | |
| Sale of equipment | 2,400.00 | |
| Proceeds from flood damage to building | 31,900.00 | |
| Purchase of equipment | - 20,200.00 | |
| Net cash provided by investing activities | 18,800.00 | |
| Cash flows from financing activities | ||
| Payment of dividends | - 5,000.00 | |
| Payment of short-term note payable | - 900.00 | |
| Net cash used by financing activities | - 5,900.00 | |
| Increase in cash | 20,900.00 | |
| Cash, January 1, 2017 | 12,800.00 | |
| Cash, December 31, 2017 | 33,700.00 |
| Supplemental disclosures of cash flow information: | |
| Cash paid during the year for: | |
| Interest | 1,900.00 |
| Income taxes | 6,500.00 |
| Noncash investing and financing activities | |
| Retired note payable by issuing common stock | 10,000.00 |
| Purchased equipment by issuing note payable | 16,000.00 |
| 26,000.00 |
| Working Note-1 | |
| Equipment Cost | 11,100.00 |
| Equipment cost after depreciation | 6,660.00 |
| Sales Price | 2,400.00 |
| Loss on Sale | 4,260.00 |
| Working Note-2 | |
| Insurance Proceeds | 29,800.00 |
| Tax | 2,100.00 |
| Building cost | - 30,000.00 |
| Accumulated Depreciation | 6,000.00 |
| Gain from flood damage | 7,900.00 |
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)
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Total assets
$
319,000
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Equity
Accounts payable
$
15,000
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