Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other than Depreciation Expense (58,600) Depreciation Expense (20,000) Gain on Sale of Plant Assets 23,500 Net Income $178,400 Dec. 31,2018 Cash $329,450 Accounts Receivable 39,750 Inventory 31,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $24,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018 Cash Flow from Operating Activities: $Cash Collected from Customers Cash Payments: $To Suppliers of Inventory To Vendors for Operating Expenses To Vendors for Operating Expenses Net cash flows from operating activities $fill in the blank 8 Cash Flow from Investing Activities: $Proceeds from Sale of Plant Assets Net Cash Flow from Investing Activities fill in the blank 11 Cash Flow from Financing Activities: $Dividends Paid Net Cash Flow from Financing Activities fill in the blank 14 $Total Cash Flow Increase Cash Balance, December 31, 2017 fill in the blank 17 Cash Balance, December 31, 2018 $fill in the blank 18

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 21E

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Use the following excerpts from Victrolia Company’s financial information.

	2018 Income Statment	Balance Sheets
Sales	$455,000
Cost of Goods Sold	(221,500)
Operating Expenses, other than Depreciation Expense	(58,600)
Depreciation Expense	(20,000)
Gain on Sale of Plant Assets	23,500
Net Income	$178,400
		Dec. 31,2018
Cash		$329,450
Accounts Receivable		39,750
Inventory		31,000
Accounts Payable		17,550
Accured Liabilities		3,500
		Dec. 31, 2017
Cash		$133,500
Accounts Receivable		36,500
Inventory		35,000
Accounts Payable		19,550
Accured Liabilities		2,200

Additional Information:
Plant assets were sold for $45,000; book value $16,500
Dividends of $24,000 were declared and paid

Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments.

Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018

Cash Flow from Operating Activities:
		$Cash Collected from Customers
Cash Payments:
	$To Suppliers of Inventory
	To Vendors for Operating Expenses	To Vendors for Operating Expenses
Net cash flows from operating activities		$fill in the blank 8
Cash Flow from Investing Activities:
	$Proceeds from Sale of Plant Assets
Net Cash Flow from Investing Activities		fill in the blank 11
Cash Flow from Financing Activities:
	$Dividends Paid
Net Cash Flow from Financing Activities		fill in the blank 14
		$Total Cash Flow Increase
Cash Balance, December 31, 2017		fill in the blank 17
Cash Balance, December 31, 2018		$fill in the blank 18

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