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Exercise 5-17 (Part Level Submission) Sarasota Corporations balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,160 Current liabilities $151,160 Land Buildings Equipment Accum. depr-buildings Accum. depr-equipment Patents 31,250 Bonds payable 121,160 Common stock 101,160 181,250 91,250 Retained earnings 45,250 $478,820 (31,160) Total (11,000) 41,160 Total $478,820 The following information is available for 2017 1. Net income was $57,090 2. Equipment (cost $21,160 and accumulated depreciation $9,160) was sold for $11,160 3. Depreciation expense was $5,160 on the building and $10,160 on equipment. 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,160 6. An addition to the building was completed at a cost of $28,160 7. A long-term investment (Equity) in stock was purchased for $16,000 8. Bonds payable of $51,250 were issued 9. Cash dividends of $30,000 were declared and paid 10. Treasury stock was purchased at a cost of $11,000▼ (a) Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SARASOTA CORPORATION Statement of Cash Flows Adjustments to reconcile net income toAccounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Patents
Payroll Tax Expense
Payroll Taxes Payable
Pension Liability
Pension Obligation
Plant Assets
Premium on Bonds Payable
Preferred Stock
Prepaid Advertising
Prepaid Insurance
Prepaid Expenses
Prepaid Rent
Raw Materials
Rent Payable
Restricted Cash
Retained Earnings
Salaries and Wages Payable
Supplies
Timberland
Treasury Stock
Trademarks
Trading Securities
Unearned Service Revenue
Unearned Rent Revenue
Unearned Subscriptions Revenue
Withholding Taxes Payable
Work-in-Process

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SARASOTA CORPORATION Statement of Cash Flows For The Year Ended December 31, 2017 Cash flows from Operating Activities: Net Income Adiustments to reconcile Net Income to Net Cash flow from Operating activities Loss on sale of Equipment Depreciation Expenses on Equipment Depreciation Expenses on Building Increases in Current Assets Inncrease in Current liabilities Net Cash flow from operating activities Cash Flows from Investing Activities: Purchase of building Purchase of Long term investment Sale of Equipment Net Cash flow used for Investing activities Cash Flows from Financing Activities: Issuance of Bonds payable Purchase of Treasury stock Cash paid for dividends Net Cash flow used for Financing activities Change in Cash Cash balance at beginning of the vear Cash balance at end of the vear S 57,090 840 5,160 S 10,160 S (29,000) S 14,160 S 1,320 S 58,410 S (28,160) S (16,000) S 11,160 S (33,000) S 51,250 S (11,000) S (30,000) S 10,250 S 35,660 S 82,000 S 117,660

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