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Exercise 13-7 (Part Level Submission) Rojas Corporations comparative balance sheets are presented belovw ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $14,200 $10,500 21,700 20,200 69,800 (15,200) 23,500 26,500 69,800 (11,000) Total $110,700 $119,300 Accounts payable Common stock Retained earnings $11,800 75,200 23,700 $110,700 $28,600 71,200 19,500 $119,300 Total Additional information 1. Net income was $22,200. Dividends declared and paid were $18,000 2. No noncash investing and financing activities occurred during 2017 3. The land was sold for cash of $4,700 Prepare a statement of cash flows for 2017 using the indirect method. (ShowPrepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000, or in parenthesis e.g. (15,000).) ROJAS CORPORATION Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work

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Answer #1
Description Amount Amount
Cash flow from operating activity       13,000
Net Income before tax        22,200
Loss on sale of land           1,600
Add non cash expense
Depreciation (change in accumulated dep)           4,200
Adjustment for change in working capital
Change in AR           1,800
Change in AP       (16,800)
Cash flow from Financing activity      (14,000)
Issue of new shares (Change in capital)           4,000
Dividends paid       (18,000)
Cash flow from Investing activity          4,700
Sale of land           4,700
Total of above          3,700
Opening cash balance       10,500
Closing Cash balance       14,200
In BS       14,200
Variance                -  
Land opening balance        26,500
Land closing balance       (20,200)
total           6,300
Less selling price         (4,700)
Loss on sale           1,600
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