ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 $15,200 $10,6
ID: 2529262 • Letter: R
Question
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2017
2016
$15,200
$10,600
20,700
23,500
20,300
26,300
69,900
69,900
(14,800
)
(10,500
)
$111,300
$119,800
$11,800
$28,300
75,900
71,600
23,600
19,900
$111,300
$119,800
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$15,200
$10,600
Accounts receivable20,700
23,500
Land20,300
26,300
Buildings69,900
69,900
Accumulated depreciation—buildings(14,800
)
(10,500
)
Total$111,300
$119,800
Accounts payable$11,800
$28,300
Common stock75,900
71,600
Retained earnings23,600
19,900
Total$111,300
$119,800
Additional information:
1. Net income was $23,100. Dividends declared and paid were $19,400. 2. No noncash investing and financing activities occurred during 2017 3. The land was sold for cash of $4,500.
Explanation / Answer
Statement of cash flow Net operating income 23,100 Adjustments to reconcile net income to net cash cash from operating activities Depreciation expens e 4300 loss on sale of land (5730-4,560) (6000-4500) 1500 Decrease in account receivable 2800 Decrease in accounts payable -16500 Net cash from operating activities 15,200 Cash flow from investing activities net cash flow from investing activities 4,500 Cash flow from financing activities Dividends -19,400 Cash from common stock issue 4300 net cash used by financing activities -15,100 net increase incash 4,600 cash at the beginning 10,600 cash at year end 15,200 Free cash flow cash from operating activities-capital expenditure - cash dividend 15200-0-19400 -4,200 answer
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