Question

Waterway Corporation Balance Sheet December 31, 2016 and December 31, 2017 2016 Dr. Cr. 2017 Assets...

Waterway Corporation
Balance Sheet
December 31, 2016 and December 31, 2017
2016 Dr. Cr. 2017
Assets
Cash $120,900 $274,350
Accounts Receivable 286,750 279,000
Inventory 185,000 185,000
Investments 114,700 80,600
Equipment 372,000 461,900
Accummulated Depreciation (137,950) (164,300)
Total $941,400 $1,116,550
Liabilities and Stockholders' Equity
Accounts Payable $234,050 $207,700
Bonds Payable 185,000 130,000
Common Stock 248,000 303,000
Retained Earnings 274,350 475,850
Total $941,400 -   -   $1,116,550
Additional Information:
1. Net income for 2017 $248,000
2. Investments were sold at a loss of $15,500
3. Cash dividends declared and paid $46,500
4. Bonds payable retired by issuing common stock $55,000
In the space below, prepare a Statement of Cash Flows for the year ended December 31, 2017:
Use the worksheet (above) to aid your work if you like…. I will grade the resulting cash flow statement (below) only.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Statement of cash flow :

Cash flow from operating activities
Net income 248000
Adjustment to reconcile net income
Depreciation expense 26350
Loss on sale of investment 15500
Decrease account receivable 7750
Decrease account payable -26350
23250
Net cash flow from operating activities 271250
Cash flow from investing activities
Sale of investment 18600
Purchase of equipment -89900
Net cash flow from investing activites -71300
Cash flwo from financing activities
Dividend paid -46500
Net cash flow from financing activities -46500
Net Cash flow 153450
Beginning cash 120900
Ending cash 274350
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A comparative balance sheet for Coronado Corporation is presented below. December 31 Assets 2017 2016 Cash...
A comparative balance sheet for Coronado Corporation is presented below. December 31 Assets 2017 2016 Cash $ 72,880 $ 22,000 Accounts receivable 84,590 68,710 Inventory 182,590 191,710 Land 73,590 112,710 Equipment 262,590 202,710 Accumulated Depreciation-Equipment (71,590 ) (44,710 )    Total $604,650 $553,130 Liabilities and Stockholders' Equity Accounts payable $ 36,590 $ 49,710 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 204,060 139,420    Total $604,650 $553,130 Additional information: 1. Net income for 2017 was $130,180. No gains...
A comparative balance sheet for Grouper Corporation is presented below. December 31 Assets 2017 2016 Cash...
A comparative balance sheet for Grouper Corporation is presented below. December 31 Assets 2017 2016 Cash $ 72,850 $ 22,000 Accounts receivable 84,910 69,060 Inventory 182,910 192,060 Land 73,910 113,060 Equipment 262,910 203,060 Accumulated Depreciation-Equipment (71,910 ) (45,060 )    Total $605,580 $554,180 Liabilities and Stockholders' Equity Accounts payable $ 36,910 $ 50,060 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 204,670 140,120    Total $605,580 $554,180 Additional information: 1. Net income for 2017 was $130,820. No gains...
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...
A comparative balance sheet for Talkington Corporation is presented below. December 31 Assets 2017 2016 Cash...
A comparative balance sheet for Talkington Corporation is presented below. December 31 Assets 2017 2016 Cash $68,000 $22,000 Accounts receivable 82,000 66,000 Inventory 170,000 189,000 Land 71,000 110,000 Equipment 280,000 200,000 Accumulated depreciation–equipment (74,000) (42,000)             Total $597,000 $545,000 Liabilities and Stockholders’ Equity Accounts payable $34,000 $47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 164,000 164,000 Retained earnings 249,000 134,000             Total $597,000 $545,000 Additional information: 1. Net income for 2017 was $155,000; there were no gains or losses. 2. Cash...
Following are selected balance sheet accounts of Carla Bros. Corp. at December 31, 2017 and 2016,...
Following are selected balance sheet accounts of Carla Bros. Corp. at December 31, 2017 and 2016, and the increases or decreases in each account from 2016 to 2017. Also presented is selected income statement information for the year ended December 31, 2017, and additional information. Selected balance sheet accounts Assets 2017 2016 Increase (Decrease) Accounts receivable $33,700 $24,000 $9,700 Property, plant, and equipment 276,400 249,500 26,900 Accumulated depreciation—plant assets (178,400) (167,300) (11,100)    Liabilities and stockholders’ equity 2017 2016 Increase...
WINDSOR INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016 December 31 Debit...
WINDSOR INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016 December 31 Debit Accounts 2017 2016 Cash $42,200 $33,900 Accounts Receivable 71,100 60,200 Inventory 30,100 24,100 Equity investments 22,500 38,700 Machinery 29,900 18,900 Buildings 67,800 56,400 Land 7,600 7,600 $271,200 $239,800 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,700 2,300 Accumulated Depreciation—Buildings 13,600 9,000 Accounts Payable 34,700 24,500 Accrued Payables 3,500 2,600 Long-Term Notes Payable 21,100 30,700 Common Stock, no-par 150,000 125,000 Retained Earnings...
Waterway Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. WATERWAY CORPORATION POST-CLOSING...
Waterway Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. WATERWAY CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. Accounts payable $ 273,600 Accounts receivable $ 496,000 Accumulated depreciation—buildings 176,000 Additional paid-in capital in excess   of par—common 1,428,000   From treasury stock 146,000 Allowance for doubtful accounts 32,000 Bonds payable 290,000 Buildings 1,466,000 Cash 198,000 Common stock ($1 par) 182,000 Dividends payable (preferred stock—cash) 4,400 Inventory 569,000 Land 381,000 Preferred stock ($50 par) 450,000 Prepaid expenses 42,000...
The following are Marin Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with...
The following are Marin Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017. COMPARATIVE BALANCE SHEETS 2017 2016 Increase (Decrease) Cash $813,400 $705,900 $107,500 Accounts receivable 1,123,400 1,156,600 (33,200 ) Inventory 1,863,500 1,731,800 131,700 Property, plant, and equipment 3,302,300 2,988,100 314,200 Accumulated depreciation (1,162,900 ) (1,033,700 ) (129,200 ) Investment in Myers Co. 307,100 276,600 30,500 Loan receivable 252,200 — 252,200    Total assets $6,499,000 $5,825,300 $673,700 Accounts...
SAFFORDVILLE COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $102,700 $ 33,400 Accounts receivable...
SAFFORDVILLE COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $102,700 $ 33,400 Accounts receivable 60,800 37,000 Inventory 126,900 102,650 Investments 79,500 107,000 Equipment 315,000 205,000 Accumulated depreciation—equipment (44,500) (40,000) Total $640,400 $445,050 Liabilities and Stockholders’ Equity Accounts payable $ 57,700 $ 48,280 Accrued expenses payable 15,100 18,830 Bonds payable 145,000 70,000 Common stock 250,000 200,000 Retained earnings 172,600 107,940 Total $640,400 $445,050 SAFFORDVILLE COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue $297,500 Gain on...
Indigo Inc. had the following balance sheet at December 31, 2019. INDIGO INC. BALANCE SHEET DECEMBER...
Indigo Inc. had the following balance sheet at December 31, 2019. INDIGO INC. BALANCE SHEET DECEMBER 31, 2019 Cash $21,850 Accounts payable $31,850 Accounts receivable 23,050 Notes payable (long-term) 42,850 Investments 33,850 Common stock 101,850 Plant assets (net) 81,000 Retained earnings 25,050 Land 41,850 $201,600 $201,600 During 2020, the following occurred. 1. Indigo Inc. sold part of its debt investment portfolio for $15,301. This transaction resulted in a gain of $3,701 for the firm. The company classifies these investments as...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT