Needing help with this last question for Intermediate Accounting II

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ACC 308 x * Course X * MateBee X * Course X * BUS 225 X DD) 6_1_Assi X D2L 6-1 Hom X | ACC 311 X New tab X *ACC-311 X Cengage X * Homewe x + X - C & https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 6-1 Homework: Chapter 21 eBook Comprehensive: Balance Sheet from Statement of Cash Flows ? Mills Company prepared the following balance sheet at the beginning of 2016: Balance Sheet January 1, 2016 Assets Liabilities and Shareholders' Equity Cash $ 1,000 Accounts payable $ 4,000 Accounts receivable (net) 3,900 Salaries payable 1,100 Inventory 4,700 Total Liabilities $ 5,100 Land 9,800 Common stock, $10 par 13,500 Buildings and equipment 68,900 Additional paid-in capital 11,200 Less: Accumulated depreciation (14,100) Retained earnings 44,400 Total Assets $ 74,200 Total Liabilities and Shareholders' Equity $74,200 At the end of 2016, Mills prepared the following statement of cash flows: Statement of Cash Flows For Year Ended December 31, 2016 Operating Activities: Net income $ 5,400 Adjustments for differences between income flows and cash flows from operating activities: Add: Depreciation expense 1,900 Decrease in inventory 500 Check My Work Next Assignment Score: 70.36% All work saved. Save and Exit Submit Assignment for Grading 80 F O W bunny x 2:33 PM 4/12/2022 3ACC 308 x * Course X MateBee X * Course X * BUS 225 X DD) 6_1_Assi X D2L 6-1 Hom X | ACC 311 X New tab X *ACC-311 X Cengage X * Homewe x + X -> C & https://v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 6-1 Homework: Chapter 21 eBook Statement of Cash Flows ? For Year Ended December 31, 2016 Operating Activities: Net income $ 5,400 Adjustments for differences between income flows and cash flows from operating activities: Add: Depreciation expense 1,900 Decrease in inventory 500 Increase in salaries payable 400 Less: Increase in accounts receivable (net) (1,100) Decrease in accounts payable (1,000) Net cash provided by operating activities $ 6,100 Investing Activities: Payment for purchase of building $(13,900) Receipt from sale of land 3,000 Net cash used for investing activities (10,900) Financing Activities Payment of dividends $ (3,100) Receipt from issuance of bonds 5,700 Receipt from issuance of common stock 4,500 Net cash provided by financing activities 7,100 Check My Work Next Assignment Score: 70.36% All work saved. Save and Exit Submit Assignment for Grading 80 F O W bunny x 2:34 PM 4/12/2022 3ACC 308 x Course X MateBee X * Course X * BUS 225 X D) 6_1_Assi X D2L 6-1 Hom X | ACC 311 X New tab X *ACC-311 X Cengage X * Homewe x + X - C & https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 6-1 Homework: Chapter 21 eBook Receipt from issuance of common stock 4,500 Net cash provided by financing activities 7,100 Net increase in cash $ 2,300 Cash, January 1, 2016 1,000 Cash, December 31, 2016 $ 3,300 Additional information related to the statement of cash flows: 1. The long-term bonds have a face value of $6,000 and were issued on December 31, 2016. 2. The building was purchased on December 30, 2016. 3. The land was sold at its original cost. 4. The common stock which was sold totaled 300 shares and had a par value of $10 per share. Required: Prepare a classified balance sheet for the Mills Company as of December 31, 2016. (Hint: Review the information on the statement of cash flows and the balances in the beginning balance sheet accounts to determine the impact on the ending balance sheet accounts.) MILLS COMPANY Balance Sheet December 31, 2016 Assets Current Assets: Cash Accounts receivable (net) Inventory E Total current assets $ Check My Work Next Assignment Score: 70.36% All work saved. Save and Exit Submit Assignment for Grading 80 F O W bunny x 2:34 PM 4/12/2022 3ACC 308 x * Course X * MateBee X * Course X * BUS 225 X D) 6_1_Assi X D2L 6-1 Hom X | ACC 311 X New tab X *ACC-311 X Cengage X * Homewe x + X -> C & https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker= &takeAssignmentSessionLocator=&inprogress=false 6-1 Homework: Chapter 21 eBook ASSets Current Assets: Cash $ Accounts receivable (net) Inventory Total current assets Property, Plant, and Equipment: Land $ Buildings and equipment 69 Less: Accumulated depreciation Total property, plant, and equipment Total Assets Liabilities Current Liabilities: Accounts payable $ Salaries payable Total current liabilities $1 Long-Term Liabilities: Bonds payable $ Less: Discount on bonds payable Total long-term liabilities Total Liabilities Check My Work Next Assignment Score: 70.36% All work saved. Save and Exit Submit Assignment for Grading 80 F O W x 2:35 PM bunny 4/12/2022 3ACC 308 x * Course X * MateBee X * Course X * BUS 225 X D 6_1_Assi X D2L 6-1 Hom X _ ACC 311 X ) New tab X *ACC-311 X Cengage X * Homewe x + X - C & https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 6-1 Homework: Chapter 21 eBook Total property, plant, and equipment Total Assets Liabilities Current Liabilities: Accounts payable $ Salaries payable Total current liabilities Long-Term Liabilities: Bonds payable $ Less: Discount on bonds payable Total long-term liabilities Total Liabilities Shareholders' Equity Contributed Capital: Common stock, $10 par Additional paid-in capital Total contributed capital Retained Earnings Total Shareholders' Equity 6 69 Total Liabilities and Shareholders' Equity Check My Work Next Assignment Score: 70.36% All work saved. Save and Exit Submit Assignment for Grading 80 F O W bunny x 2:35 PM 4/12/2022 3