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Montana WileyPLUS Home | Chegg.com × c Secure https://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS MyWileyPLUS I Help I Contact Us I Lea Out WileyPLUS Weygandt, Accounting Principles, 12. Principles of Accounting 12e (ACC 171/272) STANDARD VIEW PRINTER VERSION Exercise 17-7 Rojas Corporation's comparative balance sheets are presented below. ASSIGNMENT RESOURCES Balance Sheets 2017 2016 Cash $10,400 23,400 25,900 70,100 (14,800 (10,700) $111,400 $119,100 $14,900 Objective 21,500 19,700 70,100 Land Buildings Total Accounts payable Common stock Retained earnings $28,300 73,500 17,200 $111,400 119,100 $12,100 75,400 23,900 Total Additional information: 1. Net income was $22,400. Dividends declared and paid were $15,700 2. No noncash investing and financing activities occurred during 2017 3. The land was sold for cash of $4,900. Prepare a stotement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g.-15,000, or in parenthesis e.g. (15,000).) ROJAS CORPORATION of Cash Flows Adjustments to reconcile net income to

Explanation / Answer

*Note: Value of sale of land not clear due to image quality. considered $4,900. if it is not you can change in answer.

ROJAS CORPORATION Cash Flow Statement For year ended 31 December 2017 Cash flows from operating activities Net Income $   22,400 Adjustment to reconcile net income to: Depreciation expense $      4,100 Loss on sale of land $      1,300 $25,900-$19,700-$4,900 Changes in current operating assets and liabilities Decrease in accounts receivable $      1,900 Decrease in accounts payable $ (16,200) $   (8,900) Net cash provided by operating activities $   13,500 Cash flows from investing activities Proceed from sale of land $      4,900 Net cash provided by investing activities $      4,900 Cash flows from financing activities Proceeds from issue of shares $      1,800 Dividend paid $ (15,700) Net cash used by financing activities $ (13,900) Net increase in cash and cash equivalents $      4,500 Cash and cash equivalents at beginning of period $   10,400 Cash and cash equivalents at end of period $   14,900

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