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Skysong Inc. had the following balance sheet at December 31, 2016. SKYSONG INC. BALANCE SHEET DECEMBER...

Skysong Inc. had the following balance sheet at December 31, 2016.

SKYSONG INC.
BALANCE SHEET
DECEMBER 31, 2016
Cash $7,400 Accounts payable $15,500
Accounts receivable 13,600 Bonds payable 9,000
Investments 15,300 Common stock 36,700
Plant assets (net) 35,200 Retained earnings 27,200
Land 16,900 $88,400
$88,400


During 2017, the following occurred.

1. Net income was $29,400.
2. Depreciation expense was $8,400.
3. Skysong liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $5,500 loss.
4. Skysong issued $20,500 of common stock at par.
5. Dividends of $8,200 were declared and paid to stockholders.
6. Accounts receivable and accounts payable at December 31, 2017 were $15,600 and $12,300, respectively.
7. Skysong obtained $7,600in plant assets in exchange for issuing bonds.
8. Skysong purchased additional plant assets for $17,000.
9. Skysong purchased land for $19,800.
10. Cash at December 31, 2017 was $30,800.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare a statement of cash flows for the year 2017 for Skysong. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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Answer #1

Statement of Cash flow

cash flow from operating activities
Net income 29400
Depreciation expense 8400
Loss on investment 5500
Increase account receivable -2000
Decrease account payable -3200
Net cash flow from operating activities 38100
Cash flow from investing activities
Sale of investment 9800
Purchase additional assets -17000
Purchase land -19800
Net cash flow from investing activities -27000
Cash flow from financing activities
Issue Common Stock 20500
Dividend paid -8200
Net cash flow from financing activities 12300
Net cash increase (decrease) 23400
Beginning Cash 7400
Ending Cash 30800
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