The following partially completed spreadsheet has been prepared for Perrin Company's 2016 statement of cash flows:

	Balances		Change	Worksheet Entries
Account Titles	12/31/15	12/31/16	Increase (Decrease)	Debit	Credit
Debits
Cash	800	1,540
Noncash Accounts:
Accounts Receivable	1,500	2,180
Inventory	3,100	6,055
Investments in Stock	—	2,800
Land	6,000	9,200
Buildings	20,000	20,000
Office Equipment	4,000	6,100
Delivery Equipment	3,000	5,900
Treasury Stock	—	2,000
Totals	38,400	55,775	?
Credits
Accumulated Depreciation	7,000	8,500
Accounts Payable	3,300	3,695
Wages Payable	600	500
Bonds Payable	—	5,000
Premium on Bonds Payable	—	240
Common Stock, $10 par	6,000	8,200
Additional Paid-in Capital	9,000	13,640
Retained Earnings	?	?	3,500
Totals	38,400	55,775	?

1. Additional relevant information:

   Beginning retained earnings		$12,500
   Plus: Net income		8,000
   		$20,500
   Less: Stock dividends	$ 840
   Cash dividends	3,660	(4,500)
   Ending retained earnings		$16,000

2. Accumulated depreciation is a contra account for all the depreciable assets. Depreciation on these assets totaled $2,200 for the year.
3. On January 1, 2016, the company issued 10% bonds with a face value of $5,000 at 106. Interest was paid semiannually on June 30 and December 31. The bonds mature on January 1, 2021. Straight-line amortization is used for bond discount or premium. Bond interest expense was $440.
4. Land was purchased for $3,200 during the year.
5. Two hundred shares of common stock were issued for delivery equipment valued at $2,900 and office equipment valued at $3,100.
6. Twenty shares of stock were issued as a stock dividend. The market price per share was $42.
7. Office equipment with a cost of $1,000 and a book value of $300 was sold for $50.
8. Fifty shares of its own common stock were reacquired by the company as treasury stock. The company purchased the shares for $40 per share.
9. One hundred shares of Doe Company stock were purchased for $28 per share at year-end.

Required:

Complete the spreadsheet. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.

PERRIN COMPANY Cash Flows Worksheet For Year Ended December 31, 2016
	Balances			Worksheet Entries
Account Titles	12/31/2015	12/31/2016	Change	Debit	Credit
Debits
Cash	800	1,540
Noncash Accounts:
Accounts Receivable	1,500	2,180
Inventory	3,100	6,055
Investments in Stock		2,800
Land	6,000	9,200
Buildings	20,000	20,000
Office Equipment	4,000	6,100
Delivery Equipment	3,000	5,900
Treasury Stock		2,000
Totals	38,400	55,775
Credits
Accumulated Depreciation	7,000	8,500
Accounts Payable	3,300	3,695
Wages Payable	600	500
Bonds Payable		5,000
Premium on Bonds Payable		240
Common stock, $10 par	6,000	8,200
Additional Paid-in Capital	9,000	13,640
Retained Earnings			3,500
Totals	38,400	55,775

	Worksheet Entries
	Debit	Credit
Cash Flows from Operating Activities:
Cash Flows from Investing Activities:
Cash Flows from Financing Activities:
Investing and Financing Activities Not Affecting Cash:
Totals

Answer rating: 100% (QA)

PERRIN COMPANY Cash Flows Worksheet For Year Ended December 31 2016 Balances Worksheet Entries Account Titles 12312015 12312016 Change Debit Credit De... View the full answer