10.00 points The following thanges look place i yesr in Pavolk Company\'s tular\

Question

10.00 points The following thanges look place i yesr in Pavolk Company's tular' steel yucuros: Asset and Contra Aszet Accounts Labilties and Ecuity Accourts S 92 I 5 34 D S 39I 284 I 5 136 D 5 112 I Cash Accounts recaivahi S 30 D conts payable S 341 Arued iabiEiAs S T8 D nme taxes payable S 29 Bonds payable S 31 D Common stock Prepaid expenses Lang-term investments Property, plat, and equipmentS545Retained eermings S 112 I D Decrease: Increase. Long-term inveerments thst had coat the compeny 531 were sold during the year or 566, and land that had coat 565 w8 soor 3 In addiion, the company dec ared ard psid $28 in caeh dividends during the ycar Bcsidas the saic of and, na cther saics or retraments af plant and equipment took place during th year. Pavclk did nct ratirc any bonds curing the year ar isaue any naw cammon stock Tha campany's incama statamant far the yaar tol ow Sales Cost of gocds sold $1.320 588 Gross margin Sallirg and administrattve coxpans. T34 214 Nel operating incume Nanoparating ha s (31 36 Loss on sale of land Gain on sale of investment ncome before tes Income tawes 218 78 Net incorme $ 140 Tha campany's begirning cash halanca was $148 and ta endng ba anca waR $118 1. U8rg tre indirect melhod, delermire heretash provided by/ u8ed in operating activ es for the year. List any deduction in cash and cash outflows as ncgative amounts) Statement of Cash Flows Adjuatr ents to convert net incoma to a cash bass: in accounts rocalabia Dacraasa in irvantory Incraase in prapaid axpansas Ircrease in accounta payahla Decrease natcnued abilies Increase in income taxes paysble 341 Gsin on sale of long-term ieetments 190 cusn provided by uperating ct vite 330 2. Prepare a slatement of cash fows for he year. (iet any deduction in cash and cash outfows 8s negative amounts Statement of Cash Flows Operating aclivities Irnvesting activities Financing ac: Begrrirg cash ard cash equivalents Endirg cash and cash eivlents

Explanation / Answer

Statement of cash flow Net income 140 Adjustments to convert net income to a cash basis Depreciation 112 increase in accounts receivable -34 decrease in inventory 78 increase in prepaid expense -29 increase in accounts payable 92 decrease in accrued liabilties -34 increase in income taxes payable 39 gain on sale of long term investments -35 loss on sale of land 31 Net cash provided by operating activities 360 Statement of cash flow operating activities cash from operating activities 360 investing activities cash from sale of investment 66 Cash from sale of land 34 cash paid for purchase of PP&E -610 Cash used by investing activities -510 -510 Financing activities cash dividend -28 Cash from bonds payable 284 cash paid for purchase of common stock -136 Cash from financing activities 120 120 Net decreaase in cash -30 cash at beginning 148 cash at year end 118

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