Boatwig, Corp. Balance Sheet December 31, 2013 and December 31, 2014 2013 Dr. Cr. 2014 Assets...

	Boatwig, Corp.
	Balance Sheet
	December 31, 2013 and December 31, 2014


	2013	Dr.	Cr.	2014
Assets
Cash	$19,000			$71,000
Accounts Receivable	66,000			84,000
Inventory	185,000			184,000
Land	113,000			67,000
Equipment	195,000			256,000
Accummulated Depreciation	(42,000)			(69,000)
Total	$536,000			$593,000

Liabilities and Stockholders' Equity
Accounts Payable	$44,000			$36,000
Bonds Payable	198,000			143,000
Common Stock	167,000			222,000
Retained Earnings	127,000			192,000
Total	$536,000	-	-	$593,000

Additional Information:
1. Net income for 2014	$125,000
2. No gains or losses were recorded in 2014
3. Cash dividends declared and paid	$60,000
4. Bonds payable retired by issuing common stock	$55,000

In the space below, prepare a Statement of Cash Flows for the year ended December 31, 2014:
Use the worksheet (above) to aid your work if you like…. I will grade the resulting cash flow statement (below) only.

Expert Solution

BOATWIG, CORP.
Statement of Cash Flows (Indirect Method)
For Year Ended December 31, 2014
Cash Flows from Operating Activities
Net income		125000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense	27000
Changes in current operating assets and liabilities
Increase in Accounts Receivable	-18000
Decrease in Inventory	1000
Decrease in Accounts payable	-8000	2000
Net cash provided by operating activities		127000
Cash Flows from Investing Activities
Cash paid for equipment purchase	-61000
Cash received from sale of land	46000
Net cash used in investing activities		-15000
Cash Flows from Financing Activities
Cash paid for dividends	-60000
Net cash used in financing activities		-60000
Net increase (decrease) in cash		52000
Cash balance, December 31, 2013		19000
Cash balance, December 31, 2014		71000

Note: Bonds payable retired by issuing common stock is not included in the cash flow statement since it does not involve any cash flow and is an intra-financing activity.

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