Final Exam Exercise 5-16 - Exercise 5-16 A comparative balance sheet for Shabbona Corporation is presented below December 31 Assets Cash Accounts

Final Exam Exercise 5-16 - Exercise 5-16 A comparative...

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Exercise 5-16A comparative balance sheet for Shabbona Corporation is presented below.December 31Assets20142013Cash$ 73,000$ 22,000Accounts receivable82,00066,000Inventory180,000189,000Land71,000110,000Equipment260,000200,000Accumulated Depreciation-Equipment(69,000 )(42,000 )Total$597,000 $545,000 Liabilities and Stockholders' EquityAccounts payable$ 34,000$ 47,000Bonds payable150,000200,000Common stock ($1 par)214,000164,000Retained earnings199,000 134,000 Total$597,000 $545,000 Additional information:1.Net income for 2014 was $125,000.2.Cash dividends of $60,000 were declared and paid.3.Bonds payable amounting to $50,000 were retired through issuance of common stock.Your answer is correct.Prepare a statement of cash flows for 2014 for Shabbona Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Shabbona Corporation Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flows from Operating Activities Net Income $ 125,000 Adjustments to reconcile net income to Net Cash Provided by Operating Activities
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