Help I System Announcements Exercise 12-7 Shown below are comparative balance sh

Question

Help I System Announcements Exercise 12-7 Shown below are comparative balance sheets for Carla Vista Company. Carla Vista Company Comparative Balance Sheets December 31 2017 2016 $53,438 184,604 459,081 242,900 485,800 Assets Cash Accounts receivable Inventory Land 165,172 213,752 405,643 194,320 631,540 Equipment Accumulated depreciation-equipment (160,314) (77,728) Total Liabilities and Stockholders' Equity Accounts payable Bonds payable $1,450,113 $1,348,095 $94,731 104,447 485,800 422,646 335,202 $1,450,113 $1,348,095 364,350 524,664 466,368 Common stock ($1 par) Retained earnings Total Additional information: 1. Net income for 2017 was $225,897. 2. Depreciation expense was $82,586. 3. Cash dividends of $94,731 were declared and paid. 4. Bonds payable amounting to $121,450 were redeemed for cash $121,4so. 5. Common stock was issued for $102,018 cash 6. No equipment was sold during 2017 7. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method.(Show amounts that decrease cash n Carla Vista Company t of Cash Flows esc

Explanation / Answer

Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities: Net Income 225897 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 82586 Increase in Accounts Receivable -29148 Decrease in Inventory 53438 Decrease in Accounts Payable -9716 97160 Net Cash Provided by Operating Activities 323057 Cash Flows from Investing Activities: Sale of Land 48580 Purchase of Equipment -145740 Net Cash used by Investing Activities -97160 Cash Flows from Financing Activities: Issuance of Common Stock 102018 Payment of Cash Dividends -94731 Redemption of Bonds -121450 Net Cash used by Financing Activities -114163 Net Increase in Cash 111734 Cash at Beginning of Period 53438 Cash at End of Period 165172

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