Hello,

I will be completing this homework next week and want ot check my numbers against someone else to make sure I have the correct answers.

Thank you in advance!

ACC 303/503 Homework #2 (Y) OL Boca Inc. Balance Sheets December 31 Assets Cash Accounts Receivable Inventory Prepaid Expenses Long-term Investments Plant Assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts Payable Accrued Expenses Payable Dividends Payable Bonds Payable Common Stock Retained Earnings Total 2018 60,800 87,800 102,850 28,400 138,000 347,000 (50,000) 714,850 2017 48,400 38,000 112,500 26,000 109,000 242,500 (52,000) 524,400 67,300 21,000 3,000 170,000 262,000 191,550 714,850 72,000 13,500 146,000 175,000 117,900 524,400 Additional Information: 1. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 2. A new plant asset was purchased directly in exchange for common stock valued at $42,000. 3. New bonds were issued at par for $60,000. 4. 2018 Net income was $154,480. 5. A $1,000 prior period adjustment was recorded in 2018 to correct an understatement of depreciation in 2015. The 2017 balance sheet is appropriately restated. 6. Accounting for the long-term investments was appropriately using the equity method. Boca's share of investee net income was $20,000. Other changes in Long-term investments were caused by additional stock purchases. No dividends were received. Required 1. Prepare a 2018 statement of cash flows using the indirect method. Use the textbook format (pages 1,420, 1,423, 1,427). Do not submit supporting computations. SUBMISSION INFORMATION: Submit the assignment in Excel using one page. Include your Name, Date, ACC Course, and Homework #2 in the upper left corner. Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN \"DRAFT\" STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process. / var/filecabinet/temp/converter_assets/1f/96/qattachments_1f966163cacfe992ea8014bc422a5c58a5aec 633.docx 4/21/2016 1