P14B-38A Using a spreadsheet to prepare the statement of cash flows-- indirect m

Question

P14B-38A Using a spreadsheet to prepare the statement of cash flows-- indirect method 8 comparative balance sheet and income statement of Appleton Group, Inc. follow. Appleton disposed of a plant asset at book value during 2018 APPLETON GROUP INC. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: $ 443,000 205,800 237,200 Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses $ 76,800 15,400 49,300 141,500 95,700 Operating Income Other Income and (Expenses) Interest Revenue Interest Expense Total Other Income and (Expenses) 11,600 (24,400) Net Income Before Income Taxes Income Tax Expense Net Income (12,800) 82,900 16,200 S 66,700

Explanation / Answer

Cash flow Statement: Cash flows from operating activities: Net income for the period: 66700 Adjustment required for reconciliation Depreciation 15400 Decrease in Accounts receivable 1700 Increase in inventory -3700 Decrease in Accounts payable -1000 Increase in Accrued iabilities 1800 Net cash provided from Operating activities 80900 Cash flows from Investing activities: Purchase of land -25200 Purchase of Equipment (110750-11600-121950) -22800 Net cash ised in investing activities -48000 Cash flows from Financing activities: Repayment of bonds -14000 Issue of common Stock 8200 Dividend paiid (19700+66700-58100) -28300 Net cash used in financing activities -34100 Net decrease in cash -1200 Beginning balance of cash 15900 Ending balance of cash 14700

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