PR 16-3A Statement of cash flows—indirect method
The comparative balance sheet of Whitman Co. at December 31, 2016 and 2015, is as follows:
The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 2016 are as follows:
Statement of cash flows (Indirect method):-
Cash flow from operating activities: | |
Net income | -35320 |
Adjustments: | |
Depreciation on building and equipment *(29340+26280) | 55,620 |
Loss on sale of land ($163,800 - $151,200) | 12,600 |
Changes in current operating assets and liabilities: | |
Increase in Accounts Receivable ($761,940 - $828,900) | -66,960 |
Increase in inventories ($1,162,980 - $1,268,460 | -105,480 |
Decrease in prepaid expenses ($35,100 - $29,340) | 5,760 |
Decrease in accounts payable ($922,500 - $958,320) | -35,820 |
Net cash flow used for operating activities (A) | -169,600 |
Cash flow from investing activities: | |
Cash received from sale of Land | 151,200 |
Less: Cash paid for purchase of building | -561,600 |
Less: cash paid for purchase of equipment | -104,400 |
Net cash flow used for investing activities(B) | -514,800 |
Cash flow from financing activities: | |
Issue of bonds payable | 270,000 |
Issue of common stock | 400,000 |
Less: Cash paid for dividends | -32,400 |
Net cash flow from financing activities (C) | $637,600 |
Net increase in cash flow during the year (A+B+C) | -46,800 |
Cash as on December 31,2015 | $964,800 |
Cash as on December 31,2016 | $918,000 |
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PR 16-3A Statement of cash flows—indirect method The comparative balance sheet of Whitman Co. at December...
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