Prepare a statement of cash flows for 2017 for Pronghorn Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Pronghorn CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income $ 214,500 Adjustments to reconcile net income to Net Cash Provided by Operating Activities v Depreciation Expense $ 30,000 Gain on Sale of Investments Increase in Accounts Receivable Increase in Current Liabilities 41,200 21,400 Net Cash Provided by Operating Activities v 235,900
Prepare a statement of cash flows for 2017 for Pronghorn Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Pronghorn CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income $ 214,500 Adjustments to reconcile net income to Net Cash Provided by Operating Activities v Depreciation Expense $ 30,000 Gain on Sale of Investments Increase in Accounts Receivable Increase in Current Liabilities 41,200 21,400 Net Cash Provided by Operating Activities v 235,900
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter6: Statement Of Cash Flows
Section: Chapter Questions
Problem 37P
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Question
Presented below is a condensed version of the comparative balance sheets for Pronghorn Corporation for the last two years at December 31.
2017
|
2016
|
|||
---|---|---|---|---|
Cash | $ 176,700 | $ 45,000 | ||
Accounts receivable | 118,900 | 78,400 | ||
Investments | 69,900 | 98,300 | ||
Equipment | 349,900 | 176,100 | ||
( 95,300) | ( 65,300) | |||
Current liabilities | 135,500 | 94,300 | ||
Common stock | 138,100 | 63,700 | ||
345,300 | 173,300 |
Additional information:
Investments were sold at a gain of $ 9,300; no investments were purchased; no equipment was sold; cash dividends paid were $ 42,500; and net income was $ 214,500.
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