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Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries Additional information from the accounting records of Metagrobolize also is provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 (s in 000s) 2018 2017 Assets Cash Accounts receivable Inventory Land Building $ 580 375 450 525 600 900 600 900 675 900 (300) Less: Accumulated depreciation (270) Equipment 2,850 2,250 Less: Accumulated depreciation (525) 1,200 (480) Patent 1,500 $ 6,880 5,850 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 750 450 225 300 130 3,150 3,000 675 1,500 $ 6,880 5,850 750 1,800 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 (s in 0003) Revenues Sales revenue Gain on sale of land $2, 645 90 $2,735 Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses $ 600 30 315 15 300 $5001,760 $ 975 Net income Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018 b. During 2018, equipment with a cost of $300,000 (90% depreciated) was sold c. The statement of shareholders' equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, respectively Required Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash flows from operating activities: Net income Adjustments for noncash effects. Changes in operating assets and liabilities: CD CD Noncash investing and financing activities

Answer 1

Answer:-

METAGROBOLIZE INDUSTRIES
Statement of Cash Flows
Year Ended December 31, 2018
Cash flows from operating activities:
Cash inflows:
From customers			$   2,495.00
Cash outflows:
To suppliers of goods		$ (675.00)
To employees (operating expenses)		$ (425.00)
Total Cash Payments			$ (1,100.00)
Net cash flows from operating activities			$   1,395.00
Cash flows from investing activities:
Purchase of equipment		$ (900.00)
Sale of land		$   145.00
Sale of equipment		$      15.00	$     (740.00)
Net cash flows from investing activities
Cash flows from financing activities:
Payment of cash dividends		$ (450.00)
Net cash flows from financing activities			$     (450.00)
Net increase in cash			$       205.00
Cash balance, January 1, 2018			$       375.00
Cash balance, December 31, 2018			$       580.00

Working Notes-

1)

Sales revenue	$ 2,645.00
Difference in Account Receivable for both Period	$     150.00
Cash Received from Customers	$ 2,795.00

2)

Cost of goods sold	$     600.00
Difference in Inventory for both Period	$     375.00
Difference in Account Payable for both Period	$   (300.00)
Cash to suppliers of goods	$     675.00

3)

Operating expenses	$     500.00
Difference in Accrued Expense for both Period	$     (75.00)
Operating expenses	$     425.00

4)

Sale price of equipment	$     300.00
Difference in Equipment for both Period	$     600.00
Purchase of equipment	$     900.00

5)

Difference in Land for both Period (600+130-675)	$        55.00
Gain On Sale	$        90.00
Sale of Land	$     145.00

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