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Ne4ueva [31]
3 years ago
7

Concord Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,770 Curr

ent liabilities $151,770 Land 32,190 Bonds payable 101,770 Buildings 121,770 Common stock 182,190 Equipment 92,190 Retained earnings 46,190 Accum. depr.-buildings (31,770 ) Total $481,920 Accum. depr.-equipment (11,000 ) Patents 41,770 Total $481,920 The following information is available for 2020. 1. Net income was $60,100. 2. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770. 3. Depreciation expense was $5,770 on the building and $10,770 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770. 6. An addition to the building was completed at a cost of $28,770. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $52,190 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.Collapse question part(a)Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Business
1 answer:
xenn [34]3 years ago
5 0

Answer:

Cash flow generated for the year: 71,790

Explanation:

From the information given we use the indirect method, we adjust net income for the non-monetary terms and then, adjust for the changes in working capital

The sale of assets will be enter under investing activities for the cash received regardless of the gain/loss at disposal

the stock transactions are considered financing from the firms perspective.

<u>Operating Activities:</u>

Net income           60,100

depreciation          16,540

loss at disposal          230

(21,770 - 9,770 = 12,000 against 11,770)

amortization            2,500

adjusted income:                        79,370

<em>changes in working capital:</em>

increase in current assets:        (29,000)

increase in current liabilities:  <u>     14,770  </u>

net change in working capital     14,230

from operating activities:            93,600

<u>Investing Activities</u>

sale of equipment                    11 ,770

purchase of stocks                 (16,000)

Building improvements        <u>  (28,770)  </u>

from investing activities         (33,000)

<u>Financing Activities</u>

Issuance of bonds payable     52, 190

Cash dividends                       (30,000)

Purchase of treasury Stocks <u>  (11, 000)   </u>

from financing activities           11,  190

Cash flow generated for the year:

93,600 - 33,000 + 11,190 = 71,790

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If gdp is $20 trillon, how many years will it take for gdp to increase to $40 trillion if annual growth is 10 percent?
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Gross domestic product (GDP) is the standard measure of  value added generated by the country's production of goods and services over a certain time period. GDP is the total monetary or market worth of all completed products and services produced within a country's boundaries in a certain time period.

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8 0
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Suppose a farmer in Georgia begins to grow peaches. He uses​ $1,000,000 in savings to purchase​ land, he rents equipment for ​$7
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Answer:

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