Question

The comparative balance sheets of Shamrock Inc. at the beginning and the end of the year...



The comparative balance sheets of Shamrock Inc. at the beginning and the end of the year 2020 are as follows.

SHAMROCK INC.
BALANCE SHEETS

Dec. 31, 2020

Jan. 1, 2020

Inc./Dec.

Assets

Cash

$ 46,130 $ 14,130 $32,000 Inc.

Accounts receivable

94,430 90,300 4,130 Inc.

Equipment

42,430 24,300 18,130 Inc.

Less: Accumulated Depreciation-Equipment

20,430 11,000 9,430 Inc.

    Total

$162,560 $117,730

Liabilities and Stockholders’ Equity

Accounts payable

$ 23,430 $ 17,300 6,130 Inc.

Common stock

101,130 82,300 18,830 Inc.

Retained earnings

38,000 18,130 19,870 Inc.

    Total

$162,560 $117,730


Net income of $47,430 was reported, and dividends of $27,560 were paid in 2020. New equipment was purchased and none was sold.

Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Homework Answers

Answer #1

Statement of Cash flows

Cash flow from operating activities
Net income 47430
Adjustment to reconcile net income to net cash provided by operating activities
Depreciation expense 9430
Increase account receivable -4130
Increase account payable 6130
Net cash flow from operating activities 58860
Cash flow from investing activities
Equipment purchased -18130
Net cash flow from investing activities -18130
Cash flow from financing activities
Dividend paid -27560
Issue Common Stock 18830
Net cash used in financing activities -8730
Net cash flow 32000
Beginning Cash 14130
Ending Cash 46130
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