Question

The 2018 comparative balance sheet and income statement of Allen ​Group, Inc. follow. Allen disposed of a plant asset at book value during 2018

.Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for​ $0. The cost and accumulated depreciation of the disposed asset was $ 12,600.

There were no sales of​ land, no retirement of common​ stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash.

Use the transaction references in Panel B when selecting the transaction references in Panel A. ​(If a box is not used in the​ spreadsheet, leave the box​ empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been​ completed.)

2. The 2018 comparative balance sheet and income statement of Allen Group, Inc. follow. Allen disposed of a plant asset at book value during 2018. 1(Click the icon to view the comparative balance sheet.) 2(Click the icon to view the income statement.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12.600. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty, do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.)

Answer 1

Allen Group, Inc. Spreadsheet for Statement of Cashflows Year Ended December 31, Balance Translation Analysis Balance Panel A Balance sheet 31.12.2017 Debit in $ Credit in $ 31.12.2018 Cash 15300 1800 13500 Accounts Receivable 43000 1300 41700 Merchandise Inventory 93000 3800 96800 Land 18000 25700 43700 Plant Assets 111510 9600 121110 Accum.Depre - Plant Assets -17310 2900 -20210 Total Assets 263500 296600 1100 1400 Accounts Payable Accrued Liabilities Notes Payable Total Liabilities 26500 22800 69000 118300 25400 24200 59000 108600 10000 Common Stock Retained Earnings Total Liabilities & Stockholders Equity 125200 20000 263500 8100 34700 133300 54700 296600 Bal 12600 63400 Cash Statement of Cashflow Year Ended December 31, 2018 Cashflows from Operating Activity Net Income Adjustments: Depreciation Decrease in Accounts Receivable Increase in Merchandise Inventory Decrease in Accounts Payable Increase in Accrued Liabilities Cash generated from Operating Activity Plant Assets 111510 Disposed 22200 Bal. 133710 121110 133710 15500 1300 -3800 -1100 1400 Accum.Depre - Plant Assets Disposed 12600 Bal. 17310 Bal. 20210 15500 32810 32810 13300 76700 Cashflows from Investing Activity Land Purchased Purchase of plant assets Cash used for Investing Activity -25700 -22200 -47900 -10000 8100 -28700 Cashflows from Financing Activity Note Payable paid Common Stock issued Dividends paid ( 20000 + 63400 - 54700) Cash used for Financing Activity Net Decrease in Cash Beginning Cash Balance Ending Cash Balance -30600 -1800 15300 13500