Gwynett Corporation comparative balance sheets at December 31:Liabilities & EquityAccounts payableTaxes payableOther short-termpayablesBonds payableAssets201620162017192,000359,000683,0002017CashAccounts receivableInventories175,000248,000465,000156,000149,000325,000259,000124,000417,000LandBuilding &machineryLess: accumulateddepreciation126,0003,746,000842,000138,0003,885,000825,000(916,000) (1,131,000) Common stock846,000863,000Retained earnings1,526,0001,638,000Total assets3.844.0004.126.000 Total liabilities &3.844.0004.126,000equitySupplementary information:1. Dividends declared and paid in year 2017 were 74,0002. Depreciation expense for year 2017 was 246,0003. Machinery originally costing 61,000 was sold for 34,000 in 2017.Using information in the balance sheet above and the supplementary disclosures, prepare a statement ofcash flows for Gwynett Corporation (Indirect Method) for the year ended December 31, 2017.

Statement of cash flows is the financial statement which shows all cash inflows and cash outflows of…

Gwynett Corporation comparative balance sheets at December 31: 2016 175,000 248,000 465,000 Liabilities & Equity Assets Cash Accounts receivable Inventories 2017 192,000 Accounts payable 359,000 683,000 2016 2017 156,000 149,000 325,000 259,000 124,000 417,000 | Taxes payable Other short-term payables Bonds payable Land Building & machinery Less: accumulated depreciation 138,000 3,885,000 825,000 126,000 3,746,000 842,000 (916,000) (1,131,000) Common stock 846,000 863,000 Retained earnings 1,526,000 1,638,000 3.844.000 4.126,000 Total liabilities & equity 4.126.000 Total assets 3.844.000 Supplementary information: 1. Dividends declared and paid in year 2017 were 74,000 2. Depreciation expense for year 2017 was 246,000 3. Machinery originally costing 61,000 was sold for 34,000 in 2017. Using information in the balance sheet above and the supplementary disclosures, prepare a statement of cash flows for Gwynett Corporation (Indirect Method) for the year ended December 31, 2017.

Gwynett Corporation comparative balance sheets at December 31: 2016 175,000 248,000 465,000 Liabilities & Equity Assets Cash Accounts receivable Inventories 2017 192,000 Accounts payable 359,000 683,000 2016 2017 156,000 149,000 325,000 259,000 124,000 417,000 | Taxes payable Other short-term payables Bonds payable Land Building & machinery Less: accumulated depreciation 138,000 3,885,000 825,000 126,000 3,746,000 842,000 (916,000) (1,131,000) Common stock 846,000 863,000 Retained earnings 1,526,000 1,638,000 3.844.000 4.126,000 Total liabilities & equity 4.126.000 Total assets 3.844.000 Supplementary information: 1. Dividends declared and paid in year 2017 were 74,000 2. Depreciation expense for year 2017 was 246,000 3. Machinery originally costing 61,000 was sold for 34,000 in 2017. Using information in the balance sheet above and the supplementary disclosures, prepare a statement of cash flows for Gwynett Corporation (Indirect Method) for the year ended December 31, 2017.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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