33.00 points Comparative balance sheets for 2016 and 2015 and a statement of inc

Question

33.00 points Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 (S in 000s) 2016 2015 Assets Cash Accounts receivable Inventory Land Building s 500 S 250 550 290 700 400 700 650 800 800 (250) (215) 3,000 2,750 (355) (320) 1,000 1,150 Less: Accumulated depreciation Equipment Less Accumulated depreciation Patent $ 6,645 $ 5,755 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 800 $ 550 250 220 150 2,660 2,500 600 560 2,185 1,925 $ 6,645 $5,755

Explanation / Answer

Statement of cash flow :

Cash flow from operating activities Net income 855 Adjustment to reconcile net income Depreciation Expenses building 35 Depreciation expenses equipment 440 Loss on sale of equipment 20 Amortization of patent 150 Gain on sale of land (80) Increase account receivable (260) Increase inventory (300) Increase account payable 250 Increase accured expenses payable 30 Net cash flow from operating activities 1140 Cash flow from investing activities Sale of equipment 25 Sale of land 180 Purchase equipment (700) Net cash flow from investing activity (495) Cash flow from financing activity Dividend paid (395) Net cash flow from financing activity (395) Net cash flow 250 Beginning cash 250 Ending cash 500

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