ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 $15,100 $10,3
ID: 2492650 • Letter: R
Question
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2017
2016
$15,100
$10,300
21,500
23,800
20,500
26,400
70,100
70,100
(15,000
)
(10,300
)
$112,200
$120,300
$12,500
$28,400
75,800
73,100
23,900
18,800
$112,200
$120,300
Adjustments to reconcile net income to
Rojas Corporation’s comparative balance sheets are presented below.ROJAS CORPORATION
Comparative Balance Sheets
December 31
2017
2016
Cash$15,100
$10,300
Accounts receivable21,500
23,800
Land20,500
26,400
Buildings70,100
70,100
Accumulated depreciation—buildings(15,000
)
(10,300
)
Total$112,200
$120,300
Accounts payable$12,500
$28,400
Common stock75,800
73,100
Retained earnings23,900
18,800
Total$112,200
$120,300
Additional information:
1. Net income was $22,200. Dividends declared and paid were $17,100. 2. No noncash investing and financing activities occurred during 2017 3. The land was sold for cash of $4,800.
Explanation / Answer
Statement o9f Cash Flows Indirect Method Cash Flow From Operating Activities Net Income 22200 Depreciation 4700 Decrease in Accounts Receivable 2300 Decrease in Accounts Payable -15900 Loss on sale of land 1100 Cash Flow From Operating Activities 14400 Cash Flow From Investing Activities Land sold 4800 Cash Flow From Investing Activities 4800 Cash Flow From Financing Activities Dividend -17100 Common Stock 2700 Cash used From Financing Activities -14400 Net Cash Flow 4800 Beginning Cash 10300 Ending Cash 15100
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