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

Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows operating activities by the indirect method. A plant asset was disposed of 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 treasury stock transactions. Assume plant asset and land acquisitions were for cash.

Answer 1

Atleboro Group, Inc.
Spreadsheet for Statement of Cash Flows
Year Ended December 31,2018
Panel A—Balance Sheet	Balance 12/31/2017		Transaction Analysis			Balance 12/31/2018
			DEBIT	CREDIT
Cash	$          15,700.00			$               5,500.00	m	$                      10,200.00
Accounts Receivable	$          43,700.00			$               1,500.00	c	$                      42,200.00
Merchandise Inventory	$          93,100.00	d	$       3,800.00			$                      96,900.00
Land	$          10,000.00	i	$     25,800.00			$                      35,800.00
Plant Assets	$       1,12,430.00	h	$     22,700.00	$             12,300.00	g	$                   1,22,830.00
Accumulated Depreciation—Plant Assets	$         -17,930.00	g	$     12,300.00	$                    15,300.00	b	$                     -20,930.00
Total Assets	$       2,57,000.00					$                   2,87,000.00
AccountsPayable	$          26,600.00	e	$       1,100.00			$                      25,500.00
Accrued Liabilities	$          22,300.00			$               1,500.00	f	$                      23,800.00
Notes Payable	$          68,000.00	j	$        18,000.00			$                      50,000.00
Common Stock	$       1,20,700.00			$               8,900.00	k	$                   1,29,600.00
Retained Earnings	$          19,400.00	i	$     28,700.00	$             67,400.00	a	$                      58,100.00
Total Liabilities and Shareholders' equity	$            2,57,000.00		$    1,12,400.00	$                1,12,400.00		$                              2,87,000.00
Panel B – Statement of Cash Flows:
Cash Flows from Operating Activities:
Net Income	a)	$           67,400.00
Adjustments to Reconcile Net Income to Net Cash:
Provided by Operating Activities:
Depreciation Expense—Plant Assets	b)	$           15,300.00
Decrease in Accounts Receivable	c)	$              1,500.00
Increase in Merchandise Inventory			$           3,800.00	d)
Decrease in Accounts Payable			$           1,100.00	e)
Increase in Accrued Liabilities(f)	f)	$              1,500.00
Net Cash Provided by Operating Activities
Cash Flows from investing Activities:
Cash Payment for Acquisition of Plant Assets			$        22,700.00	h)
Cash Payment for Acquisition of Land			$        25,800.00	i)
Net Cash Used for Investing Activities
Cash Flows from Financing Activities:
Cash Payment of Notes Payable			$        18,000.00	j)
Cash Receipt from Issuance of Common Stock	k)	$              8,900.00
Cash Payment of Dividends			$        28,700.00	l)
Net Cash Provided by Financing Activities
Net Increase (Decrease) in Cash	m)	$              5,500.00
Non-cash Investing and Financing Activities:
Disposal of Plant Asset at Book Value			$        12,300.00	g)
Total Non-cash Investing and Financing Activities	g)	$           12,300.00
		$      1,12,400.00	$    1,12,400.00