The following is a condensed version of the comparative balance sheets for Buffalo Corporation for the...
The following is a condensed version of the comparative balance
sheets for Buffalo Corporation for the last two years at December
31.
|
2020 |
2019 |
|||||
|---|---|---|---|---|---|---|
|
Cash |
$ 371,700 | $ 163,800 | ||||
|
Accounts receivable |
378,000 | 388,500 | ||||
|
Investments |
109,200 | 155,400 | ||||
|
Equipment |
625,800 | 504,000 | ||||
|
Accumulated Depreciation-Equipment |
(222,600 | ) | (186,900 | ) | ||
|
Current liabilities |
281,400 | 317,100 | ||||
|
Common stock |
336,000 | 336,000 | ||||
|
Retained earnings |
644,700 | 371,700 | ||||
Additional information:
Investments were sold at a loss of $21,000; no equipment was sold;
cash dividends paid were $63,000; and net income was $336,000.
Prepare a statement of cash flows for 2020 for Buffalo Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Determine Buffalo Corporation’s free cash flow.
| Free cash flow |
$enter the free cash flow in dollars |
Homework Answers
Depreciation expense = Ending accumulated depreciation -
Beginning accumulated depreciation
Depreciation expense = $222,600 - $186,900
Depreciation expense = $35,700
Proceed from sale of investment = Beginning investments - Ending
investments - Loss on sale of investment
Proceed from sale of investment = $155,400 - $109,200 -
$21,000
Proceed from sale of investment = $25,200
Purchase of equipment = Ending equipment - Beginning
equipment
Purchase of equipment = $625,800 - $504,000
Purchase of equipment = $121,800
Free cash flow = Net cash provided by operating activities -
Purchase of equipment - Dividends
Free cash flow = $367,500 - $121,800 - $63,000
Free cash flow = $182,700
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