Acomparative balance sheet for Martinez Corporation is presented as follows. December 31 Assets 2017 2016 Cash...
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Acomparative balance sheet for Martinez Corporation is presented as follows. December 31 Assets 2017 2016 Cash $ 109,300 $ 33,000 Accounts receivable 124.260 100,460 Inventories 271.260 284,960 Land 107,760 166,460 Equipment 391,260 301,460 Accumulated Depreciation-Equipment (104,760) (64,460) Total $899,080 $821.880 Liabilities and Stockholders' Equity Accounts payable $ 52,260 $71.960 Bonds payable 225,000 300.000 Accounts payable $ 52.260 $71.960 Bonds payable 225,000 300.000 * Common stock ($1 par) 321,000 246.000 Retained earnings 300,820 203,920 Total $899,080 $821.880 Additional information: 1. Net income for 2017 was $190,020. 2. Cash dividends of $93,120 were declared and paid. 3. Bonds payable amounting to $75,000 were retired through issuance of common stock 4. Land was sold for cost. 5. Equipment was purchased but no equipment was sold. (a) Prepare a statement of cash flows for 2017 for Martinez Corporation. (Show amounts that decrease cash flow with either a-signeg -15,000 or in parenthesis es. (15,000)J MARTINEZ CORPORATION Statement of Cash Flows Adjustments to reconcile net income to Acomparative balance sheet for Martinez Corporation is presented as follows. December 31 Assets 2017 2016 Cash $ 109,300 $ 33,000 Accounts receivable 124.260 100,460 Inventories 271.260 284,960 Land 107,760 166,460 Equipment 391,260 301,460 Accumulated Depreciation-Equipment (104,760) (64,460) Total $899,080 $821.880 Liabilities and Stockholders' Equity Accounts payable $ 52,260 $71.960 Bonds payable 225,000 300.000 Accounts payable $ 52.260 $71.960 Bonds payable 225,000 300.000 * Common stock ($1 par) 321,000 246.000 Retained earnings 300,820 203,920 Total $899,080 $821.880 Additional information: 1. Net income for 2017 was $190,020. 2. Cash dividends of $93,120 were declared and paid. 3. Bonds payable amounting to $75,000 were retired through issuance of common stock 4. Land was sold for cost. 5. Equipment was purchased but no equipment was sold. (a) Prepare a statement of cash flows for 2017 for Martinez Corporation. (Show amounts that decrease cash flow with either a-signeg -15,000 or in parenthesis es. (15,000)J MARTINEZ CORPORATION Statement of Cash Flows Adjustments to reconcile net income to
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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