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Exercise 23-11 Condensed financial data of Headland Company for 2017 and 2016 are presented below. HEADLAND COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) 2016 $1,830 $1,130 1,770 1,290 1,920 1,940 1,680 1,620 (1,190) (1,170) 1,300 1,410 $7,270 $6,260 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,220 210 $910 260 1,4201,530 1,8901,710 1,850 $7,270 $6,260 2,530
RCES HEADLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,100 4,760 2,340 930 1,410 Study Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 80 1,490 550 940 260 $680
During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 ar (15,000).) HEADLAND COMPANY Statement of Cash Flows Indirect Method) Adjustments to reconcile net income to
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Plant Assets HEADLAND COMPANY Statement of Cash Flows Opening Balance 1680 Net Income before Taxes $1,490.00 tion 260 Closing Balance Adjustments to Reconcile Net Income: Depreciation Gain on sale of investment Income tax expense Receivables Inventory Accounts payable Accrued liabilities 1940 1940 20.00 $(B0.00) $(550.00) $(480.00) 00.00 310.00 Accumulated depreciation opening balance 1170 $(50.00) $ (530.00) balance 1190 depreciation expense 190 1190 Net Cash from Operations $960.00 op bal 1410 sale Purchase of Plant Assets Sale of Investment $(180.00) 190.00 on sale of investment 80 cl bal 1300 Cash used in Investing Activities $10.00 1490 1490 Cash Flows from Financ Repayment of Bonds Payable Issuance of Common Stock Dividend Paid $(110.00) 100.00 (260.00) Notes : Since part of the Plant assets were purchased by issuing Common stock, there is no flow of cash of $80. So the amount of $80 is deducted from the Purchase of Plant Assets shown under Investing Activities and Common Stock shown under Financing Activities Cash used in Financing Activities (270.00) Net Increase in Cash Opening Cash Balance Closing Cash Balance $ 700.00 $ 1,130.00 5 1,830.00

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