NEXT Problem D13-23 Kate Petusky prepared own to attend to a family emergency. B

Question

NEXT Problem D13-23 Kate Petusky prepared own to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Blossom's president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balence sheets and income statement that Petusky prepared, as well as some notes she Blossom Controls" balance sheet and income statement for 2016. Before she could complete the statement of cash flows, she had to leave made: Income Statement For the Year Ended December 31, 2016 $ 128,800 70,510 58,290 Cost of goods sold Gross margin Selling expense 13,140 8,370 20,340 1,980 4,160 expense Salaries expense Depreciation expense Interest expense Income before gain and taxes Gain on sale of Land Income tax expense 47,990 10,300 945 Net income s 10,426 e Balance Sheets 31 XPS

Explanation / Answer

Cash flow Sstatement Cash flows from Operating activities: Net income for the year 10426 Adjustment for the reconciliation Depreciation 1980 Gain on sale off land -945 Increase in Accounts receivable -910 Decrease in inventory 2580 Decrease in Accounts payable -2400 Increase in Accrued expense 190 Decrease in taxes payable -510 Net cash provided from operating activities 10411 Cash flows from Investing activities: Sale of Equipment 20275 Purchasse of equipment (215420-19330-1980-211800) -17690 Net cash provided from Investing activities 2585 Cash flows from Financing Activities Issue of Bonds 9730 Dividend paid -21866 Net cahs used in financing activitites -12136 Net increase in cash 860 Beginning cash balance 4260 Ending cash balance 5120

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