Exercise 17-14 Comparative balance sheets for International Company are presente

Question

Exercise 17-14 Comparative balance sheets for International Company are presented below. INTERNATIONAL COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2017 $73,550 85,030 180,820 75,600 249,390 2016 $22,340 76,260 189,350 101,200 200,090 (65,230) (41,500) $599,160 $547,740 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $34,310 $47,410 199,610 163,810 136,910 $599,160 $547,740 150,790 214,530 199,530 Total Additional information: 1. Net income for 2017 was $134,260. 2. Cash dividends of $71,640 were declared and paid. 3. Bonds payable amounting to $48,820 were redeemed for cash $50,720. 4. Common stock was issued for $50,720 cash. 5. Depreciation expense was $23,730. 6. Sales revenue for the year was $978,430. 7. Land was sold at cost, and equipment was purchased for cash.

Explanation / Answer

International company

Worksheet

Statement of cash flows for the year ended December 2017

Statement of cash dlows using indirect method

Reconciling items

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