/quiz submissions attempt.d21?qi-1653018ai-3 I data for Stanislaus Co. is presen
ID: 2401135 • Letter: #
Question
/quiz submissions attempt.d21?qi-1653018ai-3 I data for Stanislaus Co. is presented below. Prepare a statement of cash te aa er 31 2016 2017 $42.000 $60,000 84,000 144,200 168,000 206,600 58,800 26,000 504000 782.600 $856.800 $1,226.400 $84,000 $110,600 50,400 91,000 67.200 29,400 168,000 302,400 420,000 487,200 67.200 205.800 $856.800 $1.226.400 Cash.... Accounts receivable (net) Inventory Land Equipment TOTAL Accumulated depreciation Accounts payable Notes payable-short ter. Notes payable-long term Common stock Retained earnings TOTAL Additional data for 2017: 1. Net income was $230,200. 2. Depreciation was $31,600 3. Land was sold at its original cost. 4. Dividends of $91,600 were paid 5. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable 5Explanation / Answer
Cash Flow Stattement Particulars Amount (in $) Profit As per Income Statement 230200 Add Non cash Expenses Depreciation for the year 31600 Cash Profit 261800 Cash flow from operating Activities Add: Increase in Current Liabilities & Decrease in Current assets Account Payable (91000-50400) 40600 Less: Decrease in Current Liabilities & increase in Current assets Notes Payable -Short term (29400-67200) -37800 Accounts Receivables (84000-144200) -60200 Inventory (168000-206600) -38600 Cash flow from operating activities (A) 165800 Cash flow from Investing Activities Sale of land 27800 Purchase of plant assets -84000 Cash used in Investing Activities (B) -56200 Cash flow from Financing Activities Dividend paid -91600 Cash flow from Financing Activities © -91600 Cash flow business activities (A+B+C) 18000 Opening cash flow 42000 Closing Cash Flow statement 60000 Notes Plant A/c Particulras Amount ($) Particulars Amount ( $ ) To Balance b/d 58800 To Depreciation 5000 To cash (Sale of land) 27800 (Bal fig) By Balance C/d 26000 58800 58800 Equipment A/c Particulras Amount ($) Particulars Amount ( $ ) To Balance b/d 504000 To cash ( Purchase) 84000 To Long term note 201600 By Balance C/d 789600 789600 789600 Accumulated Depreciation A/C By Balance B/d 84000 To Land a/c (Bal fig) 5000 By Depreciation 31600 To balance C/d 110600 115600 115600 Increase in Notes Payable-Long term is against purchase of equipment and issue of stock Since no cash is involved , it will not be shown in cash flow statement.
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