Question

The 2018 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro disposed of a plant asset at book value during 2018.

The 2018 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro disposed of a plant asset at book value during 2018 EEE (Click the icon to view the comparative balance sheet.) EEB (Click the icon to view the income statement.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed for $0. The cost and accumulated depreciation of the disposed asset was $12,300. There were no sales of land, no retirement of common stock, and no treasur stock transactions. Assume plant asset and land acquisitions were for cash Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.) Attleboro Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Balance Transaction Analysis Balance Panel A-Balance Sheet: 12/31/2017 DEBIT CREDIT 12131/2018 $ 15,700 43,700 93,100 10,000 112,430 (17,930) $ 257,000 $ 10,200 42,200 96,900 35,800 122,830 (20,930) $ 287,000 Cash Accounts Receivable Merchandise Inventory Plant Assets Accumulated Depreciation-Plant Assets Total Assets Accounts Payable Accrued Liabilities Notes Payable otal Liabilities 26,600 22,300 68,000 116,900 25,500 23,800 50,000 99,300 Common Stock 120,700 19,400 129,600 58,100 Retained Earnings

Answer 1

Statement of Cash Flows for the year ended December 31, 2018 (in dollars) Notes opening balance 112,430.00 Disposal 22,700.00 135,130.00 12,300.00 Cash Flows from Operating Activities addition Net Income 67,400.00 122,830.00 135,130.00 closing bal Adjustments to Reconcile Net Income to Net Cash: Depreciation Interest Revenue Interest Expense Decrease in Accounts Receivable Increase in Inventories Decrease in Accounts Payable Increase in Accrued Liabilities 15,300.00 (11,400.00) 24,100.00 1,500.00 (3,800.00) (1,100.00) 1,500.00 Retained Earnings opening bal 19,400.00 payment of dividend* 28,700.00 Net income 67,400.00 closing bal 58,100.00 28,700.00 86,800.00 26,100.00 Net Cash provided by Operating Activities 93,500.00 Cash Flows from Investing Activities Interest Revenue Acquisition of Land Purchase of Plant Assets 11,400.00 (25,800.00) (22,700.00) Net Cash used in Investing Activities (37,100.00) Cash Flows from Financing Activities Issued common stock for cash Decrease in Notes Payable Interest Expense Payment of Dividend* 8,900.00 (18,000.00) (24,100.00) (28,700.00) Net Cash used in Financing Activities Net Decrease in Cash Cash Balance at the beginning Cash Balance at the End (61,900.00) (5,500.00) 15,700.00 10,200.00