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Question

htpspe uugell.wileyplus.com/edugen/student/mainfr.uni Facebook CRC Website Y Yahoo Mail eBay CALCULATOR FULL SCREEN PR?NTER VERS?ON 'BACK OU NEXT Exercise 12-7 Shown below are comparative balance sheets for Mitch Company. pter 12 ssignment 2-1 2-3 2-5 Mitch Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory 2017 $ 68,000 2016 $ 22,000 76,000 189,000 80,000 100,000 260,000200,000 88,000 167,000 lts by StudLand Equipment Accumulated depreciation-equipment6 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total (66,000) (32,000) $597,000$555,000 $ 39,000$43,000 150,000 200,000o 174,000 192,000 138,000 $597,000 S555,000 216,000 Additional information

Explanation / Answer

Mitch Company Statement of cash flow for the year ending Dec, 2017 cash flow from operating activities Net income for the year 93,000 Adjustments to reconcile net income to Net cash flow from operating activities Depreciation expense 34,000 increase in accounts receivable -12000 Decrease in inventory 22000 Decrease in accounts payable -4000 40,000 Net cash flow from operating activities 133,000 Cash flow from investing activities cash from sale of land 20,000 purchase of Equipment -60,000 Cash used by investing activities -40,000 Cash flow from financing activities Cash dividends -39,000 cash from common stock issue 42,000 Redemption of bonds -50,000 Cash used by financing activities -47,000 net increase in cash 46,000 Cash at the beginning of the year 22,000 Cash at the year end 68,000

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