edugen.wileyplus.com JS Weygandt, Financial & Managerial Accounting, 2e Exercise

Question

edugen.wileyplus.com JS Weygandt, Financial & Managerial Accounting, 2e Exercise 13-9 Rodriquez Corporation's comparative balance sheets are presented below: RODRIQUEZ CORPORATION Compartive Balance Sheets December 31 2017 2016 Cash Accounts receivable 16,700 $17,500 24,900 22,300 20,050 70.150 59,950 16,050 Equipment Accumulated depreciation-equipment 14.250 (10,000) $107.350 $16,000 Total Accounts payable Bonds payable Common stock Retained earnings $14,850$11,050 30,000 44,500 30,450 $107,350 $116,000 10,900 50,100 31,s00 Total Additional information: 1. Net income was $18,450. Dividends declared and paid were $17,400 Equipment which cost $10,200 and had accumulated depreciation of $1,700 was sold for $3,700. 3. No noncash investing and financing activities occurred during 2017 2. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with e RODRIQUEZ CORPORATION Statement of Cash Flows Adjustments to reconcile net income to

Explanation / Answer

Cash flow Statement: Cash flow from Operating activities: Net income for the period 18450 Adjustment for reconciliation Depreciation (10000-1700-14250) 5950 Loss on sale of assets (8500-3700) 4800 Increase in Accounts receivable -2600 Increase in Accounts payable 3800 11950 Net cash provided from operating activities 30400 Cashh flows from Investing activities: Sale of equipment 3700 Purchase of Investment -4000 Net cash used in investing activities -300 Cash flows frorm financing activities: Repayment of bonds payable -19100 Issue of Common Stock 5600 Dividend paid -17400 Net cash used in financing activities -30900 Net decrease in cash -800 Add: Beginning balance in cash 17500 Ending balance of cash 16700

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