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7B Harman Corporation’s comparative balance sheets are presented below. HARMAN CORPORATION Comparative Balance Sheets December 31                     

7B Harman Corporation’s comparative balance sheets are presented below.

HARMAN CORPORATION

Comparative Balance Sheets

December 31                               2017             2016

Cash                                          $ 27,200        $ 17,700

Accounts receivable                     24,200           22,300

Investments                                 20,000           16,000

Prepaid Expenses                       10,000           15,000

Equipment                                     60,000           70,000

Accumulated depreciation            (14,000)       (10,000)

Total                                             $127,400     $131,000

Accounts payable                         $ 19,600       $ 11,100

Taxes Payable                                   6,000            1,000

Bonds payable                                14,000           30,000

Common stock                                55,000          60,000                                                            

Retained earnings                           32,800           29,900

Total                                             $127,400       $131,000

Additional information:

1. Net income was $34,300. Dividends declared and paid were $31,400.

2. Equipment which cost $10,000 and had accumulated depreciation of $1,200 was sold for $5,300.

3. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation.

Instructions

(a) Prepare a statement of cash flow from operations for 2017 using the indirect method.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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