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CALCULATOR FULLSCREEN PRINTER VERSION Problem 23-1 The following are Splish Corp.s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017 COMPARATIVE BALANCE SHEETS Increase (Decrease) $127,300 2017 $821,300 1,124,400 1,852,600 3,300,400 2016 $694,000 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable (33,800) 150,000 1,158,200 1,702,600 2,951,400 (1,174,500) (1,048,100) (126,400 ) 273,800 38,500 312,300 250,100 250,100 $6,486,600$5.731,900 $754,700 Total assets $959,800 50,100 99,100 $59,800 (20,300 ) (19,700) 408,500 Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings $1,019,600 29,800 79,400 408,500 500,000 1,504,000 2,945,300 $6,486,600 500,000 1,504,000 2,618,900 $5,731,900 326,400 $754,700 Total liabilities and stockholders' equity racy Polsoy 1 9 2000 2018 John Wiley & Sons, Inc. l Rights Reserved. A Divislon of 2ohn Wlley&Sons;,Inc.Explanation / Answer
Splish Corporation Statement of Cash Flow For the year ended December 31,2017 Cash flows from operating activities Net income $ 405,800.00 Adjustments to net income Depreciation $ 147,500.00 Interest Income Gain on sale of Equipment $ (1,500.00) Income from Investment $ (38,500.00) Increase in accounts receivable $ 33,800.00 Decrease in inventories $ (150,000.00) Increase in Accounts Payable $ 59,800.00 Decrease in Income Tax payable $ (20,300.00) $ 30,800.00 Net cash provided by operating activities=(A) $ 436,600.00 Cash flows from investing activities Purchae of Equipment $ (411,500.00) Sale of equipment (given) $ 39,900.00 Net cash provided by investing activities =(B) $ (371,600.00) Cash flows from financing activities Lease liability $ 408,500.00 Loan to TCL Co. $ (250,100.00) Cash dividends on common stock $ (99,100.00) Net cash provided by financing activities=(C ) $ 59,300.00 Change in cash=(A)+(B)+(C ) $ 124,300.00 Cash, beginning balance $ 694,000.00 Cash, ending balance $ 818,300.00 Working Equipment A/C Particular Amount Particular Amount To Bal b/d $ 2,951,400.00 By Depreciation $ 21,100.00 To Cash $ 411,500.00 By Bank $ 39,900.00 By Profit $ 1,500.00 By Bal C/d $ 3,300,400.00 $ 3,362,900.00 $ 3,362,900.00 Accumulated Depreciation Particular Amount Particular Amount By Bal b/d $ 1,048,100.00 To Equipment $ 21,100.00 By Depreciation $ 147,500.00 By Bal C/d $ 1,174,500.00 $ 1,195,600.00 $ 1,195,600.00
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