Problem 13-9A Your answer is partially correct. Try again. Condensed financial d
ID: 2401218 • Letter: P
Question
Problem 13-9A Your answer is partially correct. Try again. Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2017 2016 $48,400 33,000 102,850 26,000 114,000 242,500 50,000 (52,000 $682,500 $514,750 $80,800 92,800 117,500 28,400 143,000 270,000 Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable $67,300 17,000 150,000 175,000 224,000105,450 $682,500 $514,750 $112,000 16,500 110,000 220,000 Common stock Retained earnings Total CHENG INC. Income Statement For the Year Ended December 31, 2017 $392,780 Sales revenue Less:Explanation / Answer
Statement of cash flow :
Cash flow from operating activities Net income 158900 Adjustment to reconcile net income to cash flow from operating activities Depreciation expense 46500 Loss on disposal of plant assets 7500 Increase account receivable -59800 Increase account payable 44700 Increase inventory -14650 Increase prepaid expense -2400 Decrease accured expense payable -500 Net cash flow from operating activities 180250 Cash flow from investing activities Purchase equipment -85000 Sale equipment 1500 Investment purchased -29000 Net cash flow from investing activities -112500 Cash flow from financing activities Bonds redemption -40000 Issue common stock 45000 Dividend paid -40350 Net cash flow from financing activities -35350 Net increase in cash 32400 Cash at beginning of period 48400 Cash at end of period 80800