Condensed financial data of Bramble Corp. follow. Bramble Corp. Comparative Bala
ID: 2580224 • Letter: C
Question
Condensed financial data of Bramble Corp. follow.
Bramble Corp.
Comparative Balance Sheets
December 31
Assets
2017
2016
$ 138,976
$ 83,248
151,016
65,360
193,500
176,902
48,848
44,720
237,360
187,480
490,200
417,100
(86,000
)
(89,440
)
$1,173,900
$885,370
Liabilities and Stockholders’ Equity
$ 175,440
$ 115,756
28,380
36,120
189,200
251,120
378,400
301,000
402,480
181,374
$1,173,900
$885,370
Bramble Corp.
Income Statement Data
For the Year Ended December 31, 2017
$668,151
$232,991
21,345
79,980
46,922
8,136
12,900
402,274
$ 265,877
Additional information:
Prepare a statement of cash flows using the indirect method.
Bramble Corp.
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash$ 138,976
$ 83,248
Accounts receivable151,016
65,360
Inventory193,500
176,902
Prepaid expenses48,848
44,720
Long-term investments237,360
187,480
Plant assets490,200
417,100
Accumulated depreciation(86,000
)
(89,440
)
Total$1,173,900
$885,370
Liabilities and Stockholders’ Equity
Accounts payable$ 175,440
$ 115,756
Accrued expenses payable28,380
36,120
Bonds payable189,200
251,120
Common stock378,400
301,000
Retained earnings402,480
181,374
Total$1,173,900
$885,370
Explanation / Answer
Statement of cash flow :
Cash flow from operating activities Net income 265877 Adjustment to reconcile net income Depreciation expenses 79980 Loss on disposal of assets 12900 Increase account receivable (85656) Increase inventory (16598) Increase prepaid expenses (4128) Increase account payable 59684 Decrease accured expenses payable (7740) Net cash flow from operating activities 304319 Cash flow from investing activities Purchase plant assets (172000) Sale plant assets 2580 Purchase long term investment (49880) Net cash flow from investing activities (219300) Cash flow from financing activities Dividend paid (44771) Repaid bonds payable (61920) Issue common stock 77400 Net cash flow from financing activities (29291) Net cash flow 55728 Beginning cash 83248 Ending cash 138976Related Questions
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