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Posted: February 21st, 2023
accounting
The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is shown as follows:
1 Dec. 31, 2016Dec. 31, 20152Assets 3Cash$643,400.00$679,400.004Accounts receivable (net)566,800.00547,400.005Inventories1,011,000.00982,800.006Investments0.00240,000.007Land520,000.000.008Equipment880,000.00680,000.009Accumulated depreciation-equipment(244,400.00)(200,400.00)10Total assets$3,376,800.00$2,929,200.0011Liabilities and Stockholders’ Equity 12Accounts payable (merchandise creditors)$771,800.00$748,400.0013Accrued expenses payable (operating expenses)63,400.0070,800.0014Dividends payable8,800.006,400.0015Common stock, $2 par56,000.0032,000.0016Paid-in capital: Excess of issue price over par—common stock408,000.00192,000.0017Retained earnings2,068,800.001,879,600.0018Total liabilities and stockholders’ equity$3,376,800.00$2,929,200.00
The income statement for the year ended December 31, 2016, is as follows:
1Sales $5,980,000.002Cost of merchandise sold 2,452,000.003Gross profit $3,528,000.004Operating expenses: 5Depreciation expense$44,000.00 6Other operating expenses3,100,000.00 7Total operating expenses 3,144,000.008Operating income $384,000.009Other expense: 10Loss on sale of investments (64,000.00)11Income before income tax $320,000.0012Income tax expense 102,800.0013Net income $217,200.00
Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:
A.Equipment and land were acquired for cash.B.There were no disposals of equipment during the year.C.The investments were sold for $176,000 cashD.The common stock was issued for cash.E.There was a $28,000 debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign only to indicate the net cash outflows for each section. “Deduct”, “Less” or colons (:) will automatically appear if required.
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