Question

i need a statement of cash flows with this information :)

ACC 113 Project 1A Stephanie Ram Corporation's Income Statement for the year ended March 31, 2016, and its Comparative Balance Sheel Stephanie Ram Corporation Income Statement For the Year Ended March 31, 2016 $1,920,500 Sales 1,435,300 $485,200 Cost of goods sold Gross margin Operating expenses: Salaries expense Depreciation expense All other operating expense $124,400 47,400 273,200 445,000 40,200 Total operating expense Income from operations other income/(expenses) Gain on sale of equipment $5,000 (22,800) (17,800) $22,400 4,800 $17,600 Interest expense Income before income taxes Income taxes expense Net income Stephanie Ram Corporation Comparative Balance Sheets March 31, 2016 and 2015 2015 2016 Assets $45,000 $166,800 168,800 340,000 4,000 149,000 (42,000) $786,600 Cash Accounts receivable (net) Merchandise inventory Prepaid rent Equipment Accumulated depreciation, equipment 202,000 440,000 3,000 146,000 (21,000) $815,000 Total Asset Liabilities and Stockholders' Equity Accounts payable Income taxes payable Notes payable (long-term) Bonds payable Common stock, $10 par value Additional paid-in capital Retained earnings $190,900 $129,900 8,600 44,000 126,000 222,000 171,440 84,660 $786,600 4,600 28,000 210,000 190,000 119,440 72,060 $815,000 Total Liabilities and Stockholders' Equity During 2016, Stephanie Ram Corporation engaged in the below transactions: 1) Sold at a gain of $5,000, equipment that cost $34,800, on which it had accumulated depreciation of $26,400. 2) Paid a $16,000 notes payable. 3) Purchased equipment in the amount of $37,800. 4) Converted bonds payable in the amount of $84,000 into 3,200 shares of common stock. 5) Borrowed $32,000 by signing a note. 6) Declared and paid $5,000 in cash dividends

Answer 1

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Stephanie Ram Corporation			Workings	Amount $
Cashflow statement as on 31.03.2016			Decrease in Accounts Receivable
Indirect Method	Amount $	Amount $	Closing Balance (net)	168,800.00
Particulars			Less: Opening Balance (net)	202,000.00
Income before income taxes	22,400.00		Decrease in Accounts Receivable	(33,200.00)
Adjustment to reconcile Net Income to Net Cash
Add:			Increase in Prepaid Rent
Depreciation Expense	47,400.00		Closing Balance	4,000.00
Less:			Less: Opening Balance	3,000.00
Gain on sale of Long-term investment	5,000.00		Increase in Prepaid Rent	1,000.00
Income Tax paid	800.00
Cash flow from Operations		64,000.00	Decrease in Merchandise Inventory
Changes in Current Assets/Current Liabilities			Closing Balance	340,000.00
Decrease in Accounts Receivable	33,200.00		Less: Opening Balance	440,000.00
Increase in Prepaid Rent	(1,000.00)		Decrease in Merchandise Inventory	(100,000.00)
Decrease in Merchandise Inventory	100,000.00
Decrease in Accounts Payable	(61,000.00)	71,200.00	Decrease in Accounts Payable
Net cash provided by (Used for) operating activities		135,200.00	Closing Balance	129,900.00
			Less: Opening Balance	190,900.00
Cash flow from investing activities			Decrease in Accounts Payable	(61,000.00)
Equipment sold	13,400.00
Equipment Purchased	(37,800.00)		Income Tax paid
Net cash provided by (Used for) investing activities		(24,400.00)	Opening Balance	4,600.00
			Add: Income Tax expense for the year	4,800.00
Cash flow from financing activities			Less: Closing Balance	8,600.00
Notes Payable paid	(16,000.00)		Income Tax paid	800.00
Notes Payable borrowed	32,000.00
Dividend paid	(5,000.00)		Equipment sold
Net cash provided by (Used for) financing activities		11,000.00	Cost	34,800.00
			Less: Accumulated depreciation	26,400.00
Net Increase/(Decrease) in cash		121,800.00	Book Value	8,400.00
Cash Balance, March 31, 2015		45,000.00	Add: Gain on sale	5,000.00
Cash Balance, March 31, 2016		166,800.00	Sale value of equipment	13,400.00