Question

Please complete part B; Shamrock Corporation Balance Sheet

Exercise 5-17 (Part Level Submission) Shamrock Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,330 Current liabilities $151,330 Land Buildings Equipment Accum. depr-buildings Accum. depr equipment Patents 31,550 Bonds payable 101,330 121,330 Common stock 91,550 Retained earnings 45,550 (31,330 Total (11,000) 181,550 5479,760 41,330 $479,760 Total The following information is available for 2017 1. Net income was $55,120. 2. Equipment (cost $21,330 and accumulated depreciation S9,330) was sold for $11,330. 3. Depreciation expense was $5,330 on the building and $10,330 on equipment. 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,330 6. An addition to the building was completed at a cost of $28,330. 7. A long-term investment (Equity) in stock was purchased for $16,000 8. Bonds payable of $51,550 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000 Cash Flows from Operating Activities Net Income 55,120 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Loss on Sale of Equipment 670 Depreciation Expense 15,660 2,500 (29,000) 14,330 Patent Amortization Increase in Current Assets (Other than Cash) Increase in Current Liabilities 4,160 Net Cash Provided by Operating Activities 59,280 Cash Flows from Investing Activities 11,330 (28,330) (16,000) Sale of Equipment Addition to Building Investment in Stock Net Cash Used by Investing Activities (33,000) Cash Flows from Financing Activities Issuance of Bonds Payment of Dividends Purchase of Treasury Stock Net Cash Provided by Financing Activities 51,550 (30,000) (11,000) 10,550 Net Increase in Cash 36,830 Cash at Beginning of Period 82,000 Balance Sheet Assets Liabilities and Stockholders' Equity

Answer 1

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