The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Assets 2017...

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.

Assets	2017	2016
Cash	$58,200	$46,000
Accounts Receivable	$41,100	$63,400
Inventory	$148,900	$145,600
Prepaid Expenses	$15,000	$27,600
Land	$101,900	$133,300
Buildings	$200,200	$200,200
Accumulated Depreciation - Buildings	$60,300	$33,600
Equipment	$228,500	$155,400
Accumulated Depreciation - Equipment	$42,600	$36,300
Total	$690,900	$701,600
LIABIITIES AND STOCKHOLDERS EQUITY
Accounts Payable	$46,000	$39,700
Bonds Payable	$260,000	$293,600
Common stock, $1 Par	$193,600	$208,300
Retained Earnings	$191,300	$208,300
Total	$690,900	$701,600

Additional information:

1.		Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $12,600.
2.		Land was sold for cash at book value.
3.		Cash dividends of $61,000 were paid.
4.		Net income for 2017 was $44,000.
5.		Equipment was purchased for $94,900 cash. In addition, equipment costing $21,800 with a book value of $12,800 was sold for $5,900 cash.
6.		Bonds were converted at face value by issuing 33,600 shares of $1 par value common stock.

Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Solutions

Expert Solution

	Statement of Cash Flows
	For the Year Ended December 31, 2017
Cash Flows from Operating Activities:
Net income		44000
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense	42000
Loss on Sale of Equipment	6900
Decrease in Accounts receivables	22300
Increase in inventory	-3300
Increase in accounts payable	6300
Decrease in prepaid expenses	12600
		86800
Net cash provided by operating activities		130800
Cash Flows from Investing Activities:
Purchase of Equipment	-94900
Sale of Equipment	5900
Sale of Land	31400
Net Cash used by Investing Activities		-57600
Cash Flows from Financing Activities
Payment of Cash Dividends	-61000
Net Cash Used by Financing Activities		-61000
Net Increase in Cash		12200
Cash at Beginning of Period		46000
Cash at End of Period		58200

Noncash Investing and Financing Activities
Redemption of bonds by Issuance of Common Stock		33600

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Additional information: 1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720. 2. Land was sold for cash at book value. 3. Cash dividends of $20,000 were paid. 4. Net income for 2017 was $42,000. 5. Equipment was purchased for $88,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash. 6. Bonds...

Sunland Company’s comparative balance sheets are presented below. Sunland Company Comparative Balance Sheets December 31 2019...

Sunland Company’s comparative balance sheets are presented below. Sunland Company Comparative Balance Sheets December 31 2019 2018 Cash $ 15,000 $ 10,200 Accounts receivable 21,400 23,800 Land 19,800 26,400 Buildings 70,100 70,100 Accumulated depreciation—buildings (15,300 ) (10,800 ) Total $111,000 $119,700 Accounts payable $ 12,800 $ 27,800 Common stock 74,600 73,400 Retained earnings 23,600 18,500 Total $111,000 $119,700 Additional information: 1. Net income was $22,800. Dividends declared and paid were $17,700. 2. No noncash investing and financing activities occurred during...

Pharoah Company’s comparative balance sheets are presented below: Pharoah Company Comparative Balance Sheets December 31 2020...

Pharoah Company’s comparative balance sheets are presented below: Pharoah Company Comparative Balance Sheets December 31 2020 2019 Cash $ 17,000 $ 17,500 Accounts receivable 25,000 22,400 Investments 19,850 16,050 Equipment 60,050 69,750 Accumulated depreciation—equipment (13,750 ) (10,400 ) Total $108,150 $115,300 Accounts payable $ 14,750 $ 11,250 Bonds payable 10,400 30,000 Common stock 49,500 45,200 Retained earnings 33,500 28,850 Total $108,150 $115,300 Additional information: 1.Net income was $18,450. Dividends declared and paid were $13,800. 2.Equipment which cost $9,700 and had...

Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016...

Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016 Cash $ 4,100 $ 4,100 Accounts receivable (net) 20,900 23,200 Inventory 10,400 7,500 Land 19,900 26,000 Buildings 69,500 69,500 Accumulated depreciation—buildings (14,700 ) (10,400 ) Total $110,100 $119,900 Accounts payable $ 12,300 $ 31,600 Common stock 74,500 70,500 Retained earnings 23,300 17,800 Total $110,100 $119,900 Wiemers’s 2017 income statement included net sales of $109,000, cost of goods sold of $59,500, and net income of...

Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016...

Wiemers Corporation’s comparative balance sheets are presented below. WIEMERS CORPORATION Balance Sheets December 31 2017 2016 Cash $ 4,200 $ 3,200 Accounts receivable (net) 21,000 23,200 Inventory 10,000 6,600 Land 19,700 26,100 Buildings 69,700 69,700 Accumulated depreciation—buildings (14,700 ) (10,300 ) Total $109,900 $118,500 Accounts payable $ 12,400 $ 31,600 Common stock 76,000 71,000 Retained earnings 21,500 15,900 Total $109,900 $118,500 Wiemers’s 2017 income statement included net sales of $111,000, cost of goods sold of $60,400, and net income of...

Newman Corporation's comparative balance sheets are presented below. Newman Corporation Comparative Balance Sheet December 31 Assets...

Newman Corporation's comparative balance sheets are presented below. Newman Corporation Comparative Balance Sheet December 31 Assets 2020 2019 Cash $15,200 $17,700 Accounts receivable 25,200 22,300 Investments (long-term) 20,000 16,000 Equipment 60,000 70,000 Accumulated depreciation (14,000) (10,000) Total Assets $106,400 $116,000 Liabilities & Stockholder Equity Accounts payable $14,600 $11,100 Bonds payable 10,000 30,000 Common stock ($1 par) 50,000 45,000 Retained earnings 31,800 29,900 Total Liabilities & Stockholder Equity $106,400 $116,000 Additional information: 1. Net income was $18,300. Dividends declared and paid...

1) The comparative balance sheets for Sunland Company as of December 31 are presented below. Sunland...

1) The comparative balance sheets for Sunland Company as of December 31 are presented below. Sunland Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 80,104 $ 53,010 Accounts receivable 58,900 68,324 Inventory 178,408 167,276 Prepaid expenses 18,000 24,738 Land 170,810 153,140 Buildings 235,600 235,600 Accumulated depreciation—buildings (70,680 ) (47,120 ) Equipment 265,050 182,590 Accumulated depreciation—equipment (53,010 ) (41,230 ) Total $883,182 $796,328 Liabilities and Stockholders’ Equity Accounts payable $ 52,692 $ 42,408 Bonds payable 353,400 353,400 Common...

Question 12 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below....

Question 12 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. ROTHLISBERGER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $57,000 $49,000 Accounts receivable 42,400 64,000 Inventory 150,000 146,800 Prepaid expenses 14,300 21,600 Land 98,900 130,800 Buildings 198,400 198,400 Accumulated depreciation—buildings (60,800 ) (33,100 ) Equipment 229,000 156,400 Accumulated depreciation—equipment (42,800 ) (37,500 ) Total $686,400 $696,400 Liabilities and Stockholders’ Equity Accounts payable $46,400 $39,200 Bonds payable 260,000 293,100 Common stock, $1 par...

Question 10 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below....

Question 10 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. ROTHLISBERGER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $58,100 $49,600 Accounts receivable 43,500 65,100 Inventory 152,000 144,500 Prepaid expenses 14,500 22,500 Land 101,600 134,000 Buildings 196,700 196,700 Accumulated depreciation—buildings (56,800 ) (32,600 ) Equipment 231,700 157,600 Accumulated depreciation—equipment (44,300 ) (35,200 ) Total $697,000 $702,200 Liabilities and Stockholders’ Equity Accounts payable $46,300 $39,300 Bonds payable 260,000 292,600 Common stock, $1 par...

UX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018, 2017 Assets...

UX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018, 2017 Assets :(Cash $67.... $37) (Accounts receivable $61.....$81) (Less: Allowance for uncollectible accounts:$(6)....$(5) )(Dividends receivable $4.....$3) (Inventory $89...$67 ) (Long-term investment $49...$27 ) (Land $143....$73 ) (Buildings and equipment $208...$284 )(Less: Accumulated depreciation $(42)....$(84) totals $573 ....$483 Liabilities : (Accounts payable $30....$54 ) (Salaries payable $4 ...$10 ) (Interest payable $6 ....$4 ) (Income tax payable $24.... $30 ) (Notes payable $70 ... 0 ) (Bonds...

Subjects