Condensed financial data of Novak Corp. follow Novak Corp. Comparative Balance S

Question

Condensed financial data of Novak Corp. follow Novak Corp. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 2017 2016 $ 110,696 120,286 154,125 38,908 189,060 390,450 $66,308 52,060 140,905 35,620 149,330 332,225 (68,500) (71,240) $935,02!5 $705,208 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 139,740 22,605 150,700 301,400 320,580 $935,025 $92,201 28,770 200,020 239,750 144,467 $705,208 Novak Corp. Income Statement Data For the Year Ended December 31, 2017 Sales revenue $532,190 Less Cost of goods sold $185,580

Explanation / Answer

Cash flow Statement Cash flows from Operating activities: Net income for the peirod 211774 Adjustment required for reconciliation Depreciation 63705 loss on disposal of plant 10275 Increase in Account receivable -68226 Increase in Inventory -13220 Increase in prepaid expense -3288 Increase in account payable 47539 Decrease in Accrued expense -6165 Net cash provided from Operating activities 242394 Cash flows from Investing activities: Purchase of Plant -137000 Sale of plant 2055 Purchase of long term investment -39730 Net cashh used in investing activities -174675 Cash flows from Financing activities: Bonds payable repaid -49320 Issue of shares 61650 Dividend paid -35661 Net cash used in financing activities -23331 Net increase in cash 44388 Add: Beginning Balance in cash 66308 Ending balance in cash 110696

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.