The following is a condensed version of the comparative balance sheets for Bonita Corporation for the last two years at December 31.
2020 2019
Cash $ 300,900 $ 132,600
Accounts receivable 306,000 314,500
Investments 88,400 125,800
Equipment 506,600 408,000
Accumulated Depreciation-Equipment (180,200 ) (151,300 )
Current liabilities 227,800 256,700
Common stock 272,000 272,000
Retained earnings 521,900 300,900
Additional information:
Investments were sold at a loss of $17,000; no equipment was sold; cash dividends paid were $51,000; and net income was $272,000.
Prepare a statement of cash flows for 2020 for Shamrock Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Question

21-06-2021
Business

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The following is a condensed version of the comparative balance sheets for Bonita Corporation for the last two years at December 31.
2020 2019
Cash $ 300,900 $ 132,600
Accounts receivable 306,000 314,500
Investments 88,400 125,800
Equipment 506,600 408,000
Accumulated Depreciation-Equipment (180,200 ) (151,300 )
Current liabilities 227,800 256,700
Common stock 272,000 272,000
Retained earnings 521,900 300,900
Additional information:
Investments were sold at a loss of $17,000; no equipment was sold; cash dividends paid were $51,000; and net income was $272,000.
Prepare a statement of cash flows for 2020 for Shamrock Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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anthougo anthougo · Answer 1 · 2021-06-22T06:12:59+02:00

Answer:

Bonita Corporation

Statement of Cash Flows for the year ended December 31, 2020:

Operating Activities:

Net income $272,000

add loss from sale of investment 17,000

add Depreciation expense 28,900

Changes in working capital:

Accounts receivable $8,500

Current liabilities -28,900

Net cash from operations $297,500

Investing Activities:

Sale of investments $20,400

Purchase of equipment -98,600

Net cash from investing -$78,200

Financing Activities:

Payment of dividends -$51,000

Net cash flows $168,300

Explanation:

a) Data and Calculations:

Comparative Balance Sheets

2020 2019 Changes

Cash $ 300,900 $ 132,600 +$168,300

Accounts receivable 306,000 314,500 -$8,500

Investments 88,400 125,800 -$37,400

Equipment 506,600 408,000 +$98,600

Accumulated Depreciation

-Equipment (180,200 ) (151,300 ) +(28,900)

Current liabilities 227,800 256,700 -$28,900

Common stock 272,000 272,000 0

Retained earnings 521,900 300,900

Additional Information

Loss from sale of investment = $17,000

Net income = $272,000

Dividends = $51,000

Cash Beginning Balance $132,600

Net cash flows $168,300

Cash, Ending balance $ 300,900