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In: Accounting

Visual Inspection Noble Company's accounting records provided the following changes in account balances and other information...

Visual Inspection

Noble Company's accounting records provided the following changes in account balances and other information for 2016:

Net Changes for 2016
Debit Credit
Cash $2,000
Accounts Receivable $1,900
Inventory 2,400
Land 1,700
Buildings and Equipment 23,000
Accumulated Depreciation 4,500
Accounts Payable 1,600
Salaries Payable 600
Bonds Payable 5,000
Common Stock, no par 3,000
Retained Earnings 5,300
$25,500 $25,500

Additional information: Net income was $9,900. Dividends were declared and paid. Land was sold for $1,700. No land was purchased. A building was purchased for $23,000. No buildings and equipment were sold. Bonds payable were issued at the end of the year. Two hundred shares of stock were issued for $15 per share. The beginning cash balance was $4,800.

Required:

Using visual inspection, prepare a 2016 statement of cash flows for Noble. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments.

NOBLE COMPANY
Statement of Cash Flows
For Year Ended December 31, 2016
Operating Activities:
$
Adjustment for noncash income items:
Adjustments for cash flow effects
from working capital items:
$
Investing Activities:
$
Financing Activities:
$
$
$

Solutions

Expert Solution

Calculation:
Payment of Dividend = Net Income - Increase in Retained Earnings
Payment of Dividend = $9,900 - $5,300
Payment of Dividend = $4,600

ekkarill92 answered 2 years ago
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