Hillary Dry Ice Corp Additional Information Year ended 12/31/16 omplete the work

Question

Hillary Dry Ice Corp Additional Information Year ended 12/31/16 omplete the worksheet for the statement of cash flows on the following page . This problem is very similar to the worksheet problem we did i n class There is no need to complete a resulting statement of cash flows. Additional Information Land 5a,0o Depreciation expense Loss on sale of equipment 300 47,000 31,700 Net income Dividends declared and paid Equipment was purchased for $5,000 cash. $10,000 nontrade note payable was made with bank on 12/31/16. Land valued at $20,000 was acquired by the company giving (issuing) the landholder 1,000 shares of stock in Hillary Dry Ice. Equipment with a cost of $7,000 and a book value of $500 was sold for cash at a loss of $300 NOTE: Not all transactions are spelled out here. You must assume that any unexplained difference between the beginning and ending balance of a balance sheet account results from a cash transaction. Also, know that it is possible to use more than one line for adjustments for the balance sheet when there are more than one debit or one credit.

Explanation / Answer

HILLARY DRY ICE CORP. Cash Flow Worksheet For the year ended December 31, 2016 Balance Dr Cr Balance DEBITS 12/31/15 12/31/16 Cash and cash equivalents 2400 2300 100 Accounts Receivable 1400 2000 3400 Inventory 8500 4200 4300 Land 4000 52000 56000 Equipment 67000 2000 65000 Total Assets 83300 54000 8500 128800 CREDITS Accumulated Depreciation 20000 1000 21000 Accounts Payable 2000 500 2500 Wages Payable 2100 1300 800 Notes Payable 0 10000 10000 Common Stock ($10 par) 20000 10000 30000 Additiona pid-in-capital 0 10000 10000 Retained Earnings 39200 15300 54500 Total Liabilities 83300 1300 46800 128800 55300 55300 HILLARY DRY ICE CORP. Statement of Cash Flows For the year ended December 31, 2016 cash flow from operations Net Income 47000 Adjustments for non-cash items in income statement     Depreciation 7500     Loss on sale of equipment 300 Adjustments for charges n current items    Accounts Receivable -2000    Inventory 4200    Accounts Payable 500    Wages Payable -1300 Cash flow from operations 56200 Cah flow from investing acivities: Sale of equipment 200 Purchase of land -32000 Purchase of equipment -5000 Cash flow from investing activities -36800 Cash flow from financing activities    Cash dividends paid -31700    Note payable 10000 Cash flow from financing activities -21700 Net Cash Flow -2300 Change in cash balance -2300 Beginning cash balance 2400 ending cash balance 100

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