1 answer

   I will like to know how to do this by showing step by step. please...

Question:

1. Net income was $22,630, Dividends declared and paid were $19,500. 2. No noncash investing and financing activities occurre

   I will like to know how to do this by showing step by step. please

1. Net income was $22,630, Dividends declared and paid were $19,500. 2. No noncash investing and financing activities occurred during 2017. 3. The land was sold for cash of $4,900. 5y 6000 Instructions (a) Prepare a statement of cash flows for 2017 using the indirect method. (b) Compute free cash flow Prepare a statement of cash flows-indirect method. statement E17-8 Here are comparative balance sheets for Velo Company (LO 2) ick Corp. VELO COMPANY Comparative Balance Sheets December 31 2017 2016 Assets 63,0001DO0$ 22,000 76,000 ore he cos Cash Balance 85,000 1000 Accounts receivable 170,000 0 189,000 75,000 2500 100,000 270,000 7o0o 200,000 (66,000) 3u,00 (32,000) $555,000 Inventory 160,000 230,000 283,000 234,000 Land Equipment Accumulated depreciation-equipment Total $597,000 Balance Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 39,000 00 47,000 150,000 Sa00 200,000 216,000 2pao 174,000 192,000 0o 134,000 Ad 93, 00 0 71,000 Compared 192,00 41,000 69,000 Total $597,000 $555.000 lance Additional information: 5,000 1,000 3,000 1. Net income for 2017 was $93,000. 2. Cash dividends of $35,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2017, but land was sold at cost. ate- Instructions was Prepare a statement of cash flows for 2017 using the indirect method. ion Prepare statement of cash flows and compute free cash flow E17-9 Rodriquez Corporation's comparative balance sheets are presented below. RODRIQUEZ CORPORATION Comparative Balance Sheets (LO 2, 3)

Answers

Cash Flow Statement for year ended 2017

Particulars

Amount

CASH FLOW FROM OPERATING ACTIVITIES

Net profit

93,000

(+) Depreciation

34,000

Operating profit before working capital changes

127,000

(+)Decrease in inventories

19,000

(-)Increase in receivables

(9,000)

(-) Decrease in Accounts Payable

(8,000)

Cash Flow from Operating Activities (A)

129,000

CASH FLOW FROM INVESTING ACTIVITIES

Equipment purchased

(70,000)

Land sold

25,000

Cash Flow from Investing Activities (B)

(45,000)

CASH FLOW FROM FINANCING ACTIVITIES

Common stocks issued

42,000

Dividend paid

(35,000)

Bonds Redeemed

(50,000)

Cash Flow From Financing Activities (C)

(43,000)

Net cash flow from Operations (A+B+C)

41,000

Opening balance of Cash

22,000

Closing Cash Balance

63,000

.

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