The balance sheet for Bostick Corporation? follows: Ending balance Beginning bal
ID: 2395973 • Letter: T
Question
The balance sheet for Bostick Corporation? follows:
Ending balance
Beginning balance
?Assets:
Current? assets:
Cash and cash equivalents
$52,600
?$44,600
Accounts receivable
$18,300
?$22,300
Inventory
$48,500
?$53,000
Total current assets
$119,400
?$119,900
?Property, plant, and equipment
?$287,800
?$275,300
Less accumulated depreciation
$109,000
?$101,550
Net? property, plant, and equipment
$178,800
?$173,750
Total assets
$298,200
?$293,650
Liabilities and? stockholders' equity:
Current? liabilities:
Accounts payable
?$26,030
?$29,580
Wages payable
?$41,600
?$47,100
Other accounts payable
$42,200
?$35,400
Notes payable
?$24,200
?$25,200
Total current liabilities
$134,030
?$137,280
Longminus?term
?$73,500
?$79,500
Deferred income taxes
$19,500
?$17,000
Total liabilities
$227,030
?$96,500
?Stockholders' equity:
Common stock
$46,750
?$45,000
Retained earnings
$24,420
?$14,870
Total? stockholders' equity
$71,170
?$59,870
Total liabilities and? stockholders' equity
$298,200
?$293,650
Operating income during the period was $20,450?, while cash dividends paid were $10,900. The total sources of cash at Bostick Corporation during the year was?
Ending balance
Beginning balance
?Assets:
Current? assets:
Cash and cash equivalents
$52,600
?$44,600
Accounts receivable
$18,300
?$22,300
Inventory
$48,500
?$53,000
Total current assets
$119,400
?$119,900
?Property, plant, and equipment
?$287,800
?$275,300
Less accumulated depreciation
$109,000
?$101,550
Net? property, plant, and equipment
$178,800
?$173,750
Total assets
$298,200
?$293,650
Liabilities and? stockholders' equity:
Current? liabilities:
Accounts payable
?$26,030
?$29,580
Wages payable
?$41,600
?$47,100
Other accounts payable
$42,200
?$35,400
Notes payable
?$24,200
?$25,200
Total current liabilities
$134,030
?$137,280
Longminus?term
debt?$73,500
?$79,500
Deferred income taxes
$19,500
?$17,000
Total liabilities
$227,030
?$96,500
?Stockholders' equity:
Common stock
$46,750
?$45,000
Retained earnings
$24,420
?$14,870
Total? stockholders' equity
$71,170
?$59,870
Total liabilities and? stockholders' equity
$298,200
?$293,650
Explanation / Answer
Cash inflow from operating activities $35,650
Cash outflow from investing activities -$12,500
Cash outflow from financing activities -$15,150
Net cash flow for the year $8,000
Working:
BOSTIC CORPORATION Cash flow statement Cash flow from operating activities: Operating income 20450 Adjustment for non cash items Depreciation expense * 7450 Adjustment for changes in working capital Decrease in accounts receivable 4000 Decrease in inventory 5000 Decrease in accounts payable -3550 Decrease in wages payable -5500 Increase in other accounts payable 6800 Decrease in notes payable 1000 7750 Cash flow from operating activities 35650 Cash flow from investing activities : Purchase of property , plant and equipment ** -12500 Cash flow from investing activities -12500 Cash flow from financing activities: Repayment of long term liabilities (73,500 - 79,500) -6000 Dividends paid *** -10900 Issue of comon stock (46,750 - 45,000) 1750 Cash flow from financing activities -15150 Cash addition 8000 Beginning cash balance 44600 Ending cash balance 52600 Accumulated depreciation, ending 109000 Less: Accumulated depreciation, beginning 101550 Depreciation expense for the year * 7450 Property, plant and equipment, ending 287800 Less: Property, plant and equipment, beginning 275300 Purchase of property , plant and equipment ** 12500 Retained earnings , beginning 14870 Add: Net operating income 20450 Total 35320 Retained earnings , ending 24420 Cash dividends paid *** 10900Related Questions
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