Exercise 13-7 (Part Level Submission) ROJAS CORPORATION Comparative Balance Shee

ID: 2533088 • Letter: E

Question

Exercise 13-7 (Part Level Submission)

ROJAS CORPORATION
Comparative Balance Sheets
December 31

2017

2016

$ 14,800

$ 10,300

21,500

23,500

20,300

26,400

70,000

(14,600

)

(10,400

)

$112,000

$119,800

$ 12,200

$ 28,600

74,400

74,000

25,400

17,200

$112,000

$119,800

(a)

Adjustments to reconcile net income to

Exercise 13-7 (Part Level Submission)

Rojas Corporation’s comparative balance sheets are presented below.

ROJAS CORPORATION
Comparative Balance Sheets
December 31

2017

2016

Cash

$ 14,800

$ 10,300

Accounts receivable

21,500

23,500

Land

20,300

26,400

Buildings

70,000

Accumulated depreciation—buildings

(14,600

)

(10,400

)

Total

$112,000

$119,800

Accounts payable

$ 12,200

$ 28,600

Common stock

74,400

74,000

Retained earnings

25,400

17,200

Total

$112,000

$119,800

Additional information:
1. Net income was $22,900. Dividends declared and paid were $14,700. 2. No noncash investing and financing activities occurred during 2017. 3. The land was sold for cash of $4,500.

(a)

Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)
ROJAS CORPORATION
Statement of Cash Flows

December 31, 2017For the Month Ended December 31, 2017For the Year Ended December 31, 2017

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash

Sale of Land Loss on Disposal of Land Decrease in Accounts Receivable Increase in Accounts Receivable Increase in Accounts Payable Issuance of Common Stock Payment of Dividends Gain on Disposal of Land Net Income Depreciation Expense Decrease in Accounts Payable

Adjustments to reconcile net income to

Loss on Disposal of Land Increase in Accounts Payable Issuance of Common Stock Sale of Land Payment of Dividends Depreciation Expense Decrease in Accounts Payable Gain on Disposal of Land Net Income Decrease in Accounts Receivable Increase in Accounts Receivable

Decrease in Accounts Payable Issuance of Common Stock Increase in Accounts Receivable Gain on Disposal of Land Payment of Dividends Increase in Accounts Payable Sale of Land Net Income Depreciation Expense Loss on Disposal of Land Decrease in Accounts Receivable

Payment of Dividends Sale of Land Decrease in Accounts Receivable Issuance of Common Stock Loss on Disposal of Land Net Income Increase in Accounts Receivable Gain on Disposal of Land Decrease in Accounts Payable Increase in Accounts Payable Depreciation Expense

Depreciation Expense Gain on Disposal of Land Loss on Disposal of Land Issuance of Common Stock Increase in Accounts Payable Decrease in Accounts Receivable Decrease in Accounts Payable Increase in Accounts Receivable Sale of Land Payment of Dividends Net Income

Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash

Increase in Accounts Receivable Depreciation Expense Loss on Disposal of Land Decrease in Accounts Payable Increase in Accounts Payable Issuance of Common Stock Gain on Disposal of Land Payment of Dividends Decrease in Accounts Receivable Sale of Land Net Income

Gain on Disposal of Land Depreciation Expense Sale of Land Increase in Accounts Payable Net Income Increase in Accounts Receivable Decrease in Accounts Receivable Loss on Disposal of Land Decrease in Accounts Payable Issuance of Common Stock Payment of Dividends

Depreciation Expense Sale of Land Issuance of Common Stock Payment of Dividends Decrease in Accounts Payable Increase in Accounts Receivable Increase in Accounts Payable Net Income Gain on Disposal of Land Decrease in Accounts Receivable Loss on Disposal of Land

Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash

Explanation / Answer

ROJAS CORPORATION

Cash at the

biginning period

ROJAS CORPORATION

Cash at the

biginning period

$ 10,300 Cash flows from operating activities: Net income $ 22,900 Depreciation expense $ 4,200 Decrease in accounts receivable $ 2,000 Increase in accounts payable $ (16,400) Cash flows from investing activities: $ - Sale of land $ 6,100 Cash flows from financing activities: Proceeds from issuing stock $ 400 Dividends on common $ (14,700) Cash at the ending period Dec. 31, 2017 $ 14,800

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Exercise 13-6 The payroll of YellowCard Company for September 2016 is as follows

Exercise 13-7 (Part Level Submission) Rojas Corporation\'s comparative balance s

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Exercise 13-7 (Part Level Submission) ROJAS CORPORATION Comparative Balance Shee

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