Complete balance sheet and prepare a statement of changes in retained earnings F

Question

Complete balance sheet and prepare a statement of changes in retained earnings Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2017. Also shown is a partially completed comparative balance sheet as of December 31, 2017 and 2016: 9 HARTFORD,INC Statement of Cash Flows For the Year Ended December 31,2017 Cash Flows from Operating Activities: $ 54,000 Add (deduct) items not affecting cash: 138,000 (42,000) 72,000 (36,000) $456,000 Net cash provided by operating activities..__. ...__......_. . . . Cash Flows from Investing Activities: Purchase of buildings (288,000) $(588,000) Net cash used by investing activities . ..__.. ...._....... _.... . ..__.. . .. Cash Flows from Financing Activities: . 30,000 (150,000) 60,000 (18,000) Net cash used by financing activities... _..... .._.... ..___.. . ..___ . . . .. $(78,000) Net decrease in cash for the year... . . . .___.. ..._.. .. . _......... $(210,000) Cash used for retirement of long-term debt. ....__. .___... ..._... Proceeds from issuance of common stock __ .. .._....._... . ._ . . . . . Payment of cash dividends on common stock___ . .._. _ . . . .__. .. .._. .. .. .

Explanation / Answer

4 a.

HARTFOD, INC.

Comparative Balance Sheets

At December 31, 2017 and 2016

4. b

HARTFOD, INC.

Comparative Balance Sheets

At December 31, 2017 and 2016

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4 a.

HARTFOD, INC.

Comparative Balance Sheets

At December 31, 2017 and 2016

2017 2016 Assets Current Assets: Cash $318,000 $528,000 Account Receivable $300,000 $4438,000 Inventory $336,000 $294,000 Total Current Assets $954,000 $1,260,000 Land $240,000 $240,000 Building and Equipments $1,560,000 $972,000 Less : Accumulated Depreciation (1,008,000) (738,000) Total Land, Building & Equipment $792,000 $474,000 Total Assets 1,746,000 1,734,000 Liabilities Current Liabilities: Accounts Payable $138,000 $174,000 Short-term Debt $192,000 $162,000 Notes Payable $288,000 $216,000 Total Current Liabilities $618,000 $552,000 Long-term debt $510,000 $660,000 Shareholder's Equity Common stock $240,000 $180,000 Retained Earnings $378,000 $342,000 Total stockholders' equity $618,000 $522,000 Total liabilities and stockholders' equity 1,746,000 1,734,000

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