Media Corporation had the following income statement and balance sheet for

20162016:

Root Media Corporation
Income Statement
Year Ended December 31, 2016
	Sales Revenue		$79,000
	Depreciation Expense—Plant Assets		21,000
	Other Expenses		55,000
	Net Income		$3,000

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Root Media Corporation
Comparative Balance Sheet
December 31, 2016 and 2015
Assets		2016	2015
Current Assets:
Cash		$5,100	$3,700
Accounts Receivable		7,600	6,100
Long-term Assets:
Plants Assets		105,350	81,350
Accumulated Depreciation—Plant Assets		(31,350)	(10,350)
Total Assets		$86,700	$80,800
	Liabilities
Current Liabilities:
Accounts Payable		$7,000	$4,500
Long-term Liabilities:
Notes Payable		7,000	13,000
Total Liabilities		14,000	17,500
	Stockholders' Equity
Common Stock, no par		27,000	15,000
Retained Earnings		45,700	48,300
Total Stockholders’ Equity		72,700	63,300
Total Liabilities and Stockholders' Equity		$86,700	$80,800

(Click the icon to view the balance sheet.)During the year

RootRoot

issued a

$ 4 comma 500$4,500

note payable.

RootRoot

acquired equipment worth

$ 24 comma 000$24,000,

and made payments on the long-term notes payable in the amount of

$ 10 comma 500$10,500

during the year. Assume the company paid cash for the acquisition of plant assets.Prepare

RootRoot

Media's statement of cash

flowslong dash—indirect

methodlong dash—for

the year ended December 31,

20162016.

Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.)

	Root Media Corporation
	Statement of Cash Flows
	Year Ended December 31, 2016
	Cash Flows from Operating Activities:
	Net Income
	Adjustments to Reconcile Net Income to
	Net Cash Provided by Operating Activities:
	Net Cash Provided by (Used for) Operating Activities

	Cash Flows from Investing Activities:
	Net Cash Provided by (Used for) Investing Activities

	Cash Flows from Financing Activities:
	Net Cash Provided by (Used for) Financing Activities

	Net Increase (Decrease) in Cash
	Cash Balance, December 31, 2015
	Cash Balance, December 31, 2016

Answer rating: 100% (QA)

Prepare statement of cash flows as on December 31 2016 A RM Corporation Statement of cash ... View the full answer