Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016...
Paddleboard Inc. began operations on January 1, 2016. Its
post-closing trial balance at December 31, 2016 and 2017, is shown
below along with some other information.
| Paddleboard Inc. | ||
| Income Statement | ||
| For Year Ended December 31, 2017 | ||
| (000s) | ||
| Revenues: | ||
| Sales | $3,874 | |
| Cost of goods sold | 1,626 | |
| Gross Profit | 2,248 | |
| Expenses: | ||
| Other expenses | $790 | |
| Depreciation expense | 170 | |
| Total operating expenses | 960 | |
| Profit from operations | 1,288 | |
| Income tax expense | 288 | |
| Profit | $1,000 | |
| Paddleboard Inc. | ||
| Post-Closing Trial Balance | ||
| (000s) | ||
| December 31 | ||
| Account | 2017 | 2016 |
| Cash | $3,780 | $1,930 |
| Receivables | 2,880 | 2,170 |
| Merchandise inventory | 2,650 | 3,220 |
| Property, plant and equipment | 3,130 | 2,810 |
| Accumulated depreciation | 2,010 | 1,840 |
| Investments | 2,170 | 2,330 |
| Accounts payable | 2,010 | 1,530 |
| Accrued liabilities | 320 | 480 |
| Bonds payable | 3,130 | 3,300 |
| Common shares | 3,130 | 2,180 |
| Retained earnings | 4,010 | 3,130 |
Other information regarding Paddleboard Inc. and its activities
during 2017:
1. Assume all accounts have normal balances.
2. Cash dividends were declared and paid during
the year.
3. There were no sales of property, plant, and
equipment assets during the year.
4. Investments were sold for cash at their
original cost.
Required:
Using the information provided, prepare a statement of cash flows
(applying the indirect method) for the year ended December 31,
2017. (List any deduction in cash and cash outflows as
negative amounts. Enter amounts in thousands, not in
dollar.)
Homework Answers
Answer-
| PADDLEBOARD INC. | ||
| STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED DECEMBER 31,2017 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 1000 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation expense | 170 | |
| Change in operating assets & liabilities | ||
| Increase in Accounts receivable | -710 | |
| Decrease in merchandise inventory | 570 | |
| Increase in accounts payable | 480 | |
| Decrease in accrued liabilities | -160 | |
| Net cash flow from operating activities (a) | 1350 | |
| Cash Flow from Investing activities | ||
| Sale of investments | 160 | |
| Equipment purchased | -320 | |
| Net cash Flow from Investing activities (b) | -160 | |
| Cash Flow from Financing activities | ||
| Cash dividends paid | ($3130+$1000-$4010) | -120 |
| Common stock issued | 950 | |
| Bonds paid | -170 | |
| Net cash Flow from Financing activities (c) | 660 | |
| Net Change in cash c=a+b+c | 1850 | |
| Beginning cash balance | 1930 | |
| Closing cash balance | 3780 | |
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