Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December
Question:
Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2017. Also shown is a partially completed comparative balance sheet as of December 31, 2017 and 2016:
Required:
a. Complete the December 31, 2017 and 2016 balance sheets.
b. Prepare a statement of changes in retained earnings for the year ended December 31. 2017.
Transcribed Image Text:
HARTFORD, INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities: Net income S54,000 Add (deduct) items not affecting cash: Depreciation expense 270,000 138,000 (42,000) 72,000 36,000) $456,000 Decrease in accounts recevable Increase in notes payable Decrease in accounts payable Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings S300,000) (288,000) $588,000) Net cash used by investing activities Cash Flows from Financing Activities: Prooeeds from short term deot Cash used for retirement of long term debt Proceeds from issuance of common stock Payment of cash dividends on common stock s 30,000 (150,000) 60,000 (18,000) 78,000 S1210,000) Net cash used by financing activities Net decrease in cash for the year HARTFORD, INC. Comparative Balance Sheets At December 31, 2017 and 2016 2017 2016 Currentassets: $ 528,000 438,000 Accounts receivable 336.000 Total current assets. S 240,000 Buildings and equipment 1,560,000 738,000) Total land, buildings, and equipment. Total assets Current liabilities $ 174,000 Short-term debt 192,000 Notes payable Total current liabilities Long-term debt $510.000 Stockholders' Equity Common stock Retained earnings . $240,000 Total stockholders' equity Total liabilities and stackholders' equity . . S
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ISBN: 978-1259535314
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