Campbell Company\'s comparative balance sheets for December 31 of 2017 and 2016

Question

Campbell Company's comparative balance sheets for December 31 of 2017 and 2016 are shown below. Assets Dec 31,2017Dec 31, 2016 IncreaseDecrease $ 115,900S57,200 S 58,700 Cash Accounts Receivable (net) Inventory Prepaid Expenses Plant Assets Accumulated Depreciation 10,400 33,900 12,400 83,000 12,100 31,500 8,500 S 1,700 2,400 3,900 63,00020,000 (27,800) (21,100) 6,700 Total Assets $ 227,800 151,200 Liabilities and Stockholders' Equity S 20,10014,8 00 5,300 Accounts Payable Wages Payable Income Tax Payable Bonds Payable Common Stock, S10 par Additional Paid-in Capital Retained Eamings Treasury Stock 3,900 6,500 3,200 1,500 700 5,000 57,000 75,000 43,000 32,000 (5,000) 57,000 65.00010,000 28,00015,000 33,000 1,000 5,000 Total Liabilities and Stockholders' Equity $ 227,800 151,200 The following information is taken from Campbell's financial records . During 2017, equipment was sold for $19,800. The equipment had an original cost of $32,000 and a current book value of $24,000 . 1,000 shares of common stock were issued for $25 per share . Depreciation expense for 2017 was $14,700 . Net income for the year was $10,000 Required: Prepare the financing activities section of the statement of cash flows for Campbell Company, indirect method

Explanation / Answer

Cash flows from financing activities Proceeds from issuance of common stock (1000*25) $   25,000 Proceeds from issuance of bonds $   57,000 Cash paid for purchase of treasury stock $   (5,000) Payment of dividend (-1000-10000) $ (11,000) Net cash provided by financing activities $ 66,000

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