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Alisiya [41]
3 years ago
10

A comparative balance sheet for Culver Corporation is presented as follows.

Business
1 answer:
laila [671]3 years ago
7 0

Answer:

Increase in cash = $50,740

Explanation:

The statement of cash flows for 2020 can be prepared as follows:

Culver Corporation

Statement of Cash Flows

For December 31, 2020

<u>Particulars                                                               $                       $             </u>

Net income                                                        127,440

Adjustment to reconcile net income:

Depreciation expenses (w.1)                             26,740

(Increase) decrease in current assets:

Increase in accounts receivable (w.2)             (15,740)

Decrease in inventory (w.3)                                9,260

Increase (decrease) in current liabilities:

Decrease in accounts payable (w.4)             <u>  (13,260)  </u>

Net cash from operating activities                                          134,440

<u>Cash Flow from Investing Activities </u>

Sales of land (w.5)                                             39,260          

Purchase of equipment (w.6)                         <u> (59,740) </u>

Net cash from investing activities                                            20,480

<u>Cash Flow from Financing Activities</u>                                      

Cash dividends paid                                      <u>  (63,220)  </u>

Net cash from financing activities                                         <u>   63,220   </u>

Increase / (Decrease) in cash                                                     50,740

Beginning cash balance                                                           <u>   22,000  </u>

Ending cash balance                                                                <u>   72,740</u><u>  </u>

Workings:

w.1: Depreciation expenses = Accumulated Depreciation in 2020 -  Accumulated Depreciation in 2019 = $70,220 - $43,480 = $26,740

w.2: Increase in accounts receivable = Accounts receivable in 2020 - Accounts receivable in 2021 = $83,220 - $67,480 = $15,740

w.3: Decrease in inventory = Inventory in 2020 - Inventory in 2019 = 181220 190480 = -$9,260

w.4: Decrease in accounts payable = Accounts payable in 2020 - Accounts payable in 2019 = ($35,220 - $48,480) = $13,260

w.5: Sales of land = Land in 2019 - Land in 2020 = ($111,480 - $72,220) = $39,260

w.6: Purchase of equipment = Equipment in 2020 - Equipment in 2019 = $261,220- $201,480 = $59,740

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