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ivoryfly529Lv1
28 Sep 2019
A comparative balance sheet for Kingbird Corporation is presented below.
December 31
Assets 2017
2016
Cash $ 72,880 $ 22,000 Accounts receivable 84,590 68,710 Inventory 182,590 191,710 Land 73,590 112,710 Equipment 262,590 202,710 Accumulated Depreciation-Equipment (71,590 ) (44,710 ) Total $604,650 $553,130 Liabilities and Stockholders' Equity Accounts payable $ 36,590 $ 49,710 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 204,060 139,420 Total $604,650 $553,130
Additional information:
1. Net income for 2017 was $130,180. No gains or losses were recorded in 2017. 2. Cash dividends of $65,540 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
Prepare a statement of cash flows for 2017 for Kingbird Corporation
A comparative balance sheet for Kingbird Corporation is presented below.
December 31 | ||||||
Assets | 2017 | 2016 | ||||
Cash | $ 72,880 | $ 22,000 | ||||
Accounts receivable | 84,590 | 68,710 | ||||
Inventory | 182,590 | 191,710 | ||||
Land | 73,590 | 112,710 | ||||
Equipment | 262,590 | 202,710 | ||||
Accumulated Depreciation-Equipment | (71,590 | ) | (44,710 | ) | ||
Total | $604,650 | $553,130 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable | $ 36,590 | $ 49,710 | ||||
Bonds payable | 150,000 | 200,000 | ||||
Common stock ($1 par) | 214,000 | 164,000 | ||||
Retained earnings | 204,060 | 139,420 | ||||
Total | $604,650 | $553,130 |
Additional information:
1. | Net income for 2017 was $130,180. No gains or losses were recorded in 2017. | |
2. | Cash dividends of $65,540 were declared and paid. | |
3. | Bonds payable amounting to $50,000 were retired through issuance of common stock. Prepare a statement of cash flows for 2017 for Kingbird Corporation |
dcht24111997Lv10
16 Apr 2023
Sixta KovacekLv2
28 Sep 2019
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