Statement of Cash Flows (Direct Method) The
Sweet Company’s income statement and comparative balance sheets as
of December 31 of 2016 and 2015 are presented below:
| SWEET COMPANY Income Statement For the Year Ended December 31, 2016 |
||
|---|---|---|
| Sales Revenue | $950,000 | |
| Cost of Goods Sold | $507,000 | |
| Wages Expense | 207,000 | |
| Depreciation Expense | 62,000 | |
| Insurance Expense | 13,000 | |
| Interest Expense | 12,000 | |
| Income Tax Expense | 57,000 | |
| Gain on Sale of Equipment | (16,000) | 842,000 |
| Net Income | $108,000 | |
| SWEET COMPANY Balance Sheets |
||
|---|---|---|
| Dec. 31, 2016 | Dec. 31, 2015 | |
| Assets | ||
| Cash | $32,000 | $33,000 |
| Accounts Receivable | 68,000 | 43,000 |
| Inventory | 177,000 | 126,000 |
| Prepaid Insurance | 9,000 | 11,000 |
| Plant Assets | 887,000 | 770,000 |
| Accumulated Depreciation | (191,000) | (175,000) |
| Total Assets | $982,000 | $808,000 |
| Liabilities and Stockholders’ Equity | ||
| Accounts Payable | $37,000 | $27,000 |
| Interest Payable | 5,000 | - |
| Income Tax Payable | 11,000 | 18,000 |
| Bonds Payable | 145,000 | 80,000 |
| Common Stock | 660,000 | 585,000 |
| Retained Earnings | 176,000 | 98,000 |
| Treasury Stock | (52,000) | - |
| Total Liabilities and Stockholders’ Equity | $982,000 | $808,000 |
During the year, Sweet Company sold equipment for $27,000 cash that
originally cost $57,000 and had $46,000 accumulated depreciation.
New equipment was purchased for cash. Bonds payable and common
stock were issued for cash. Cash dividends of $30,000 were declared
and paid. At the end of the year, shares of treasury stock were
purchased for cash. Accounts payable relate to merchandise
purchases.
Required
a. Compute the change in cash that occurred during 2016.
b. Prepare a statement of cash flows using the direct method.
a. Change in Cash during 2016 $Answer Answer Increase Decrease
b. Use a negative sign with cash outflow answers.
| SWEET COMPANY Statement of Cash Flows For Year Ended December 31, 2016 |
||
|---|---|---|
| Cash Flow from Operating Activities | ||
| Cash Received from Customers | $Answer | |
| Cash Paid for Merchandise Purchased | $Answer | |
| Cash Paid to Employees | Answer | |
| Cash Paid for Insurance | Answer | |
| Cash Paid for Interest | Answer | |
| Cash Paid as Income Taxes | Answer | Answer |
| Cash Provided by Operating Activities | Answer | |
| Cash Flow from Investing Activities | ||
| Sale of Equipment | Answer | |
| Purchase of Equipment | Answer | |
| Cash Used by Investing Activities | Answer | |
| Cash Flow from Financing Activities | ||
| Issuance of Bonds Payable | Answer | |
| Purchase of Common Stock | Answer | |
| Payment of Dividends | Answer | |
| Purchase of Treasury Stock | Answer | |
| Cash Provided by Financing Activities | Answer | |
| Net in Cash Answer Increase Decrease | Answer | |
| Cash at Beginning of Year | Answer | |
| Cash at End of Year | $Answer | |
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A genetic experiment with peas resulted in one sample of offspring that consisted of
423
green peas and
166
yellow peas.
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