The comparative balance sheets for Bonita Industries as of December 31 are prese

Question

The comparative balance sheets for Bonita Industries as of December 31 are presented below Bonita Industries Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Ac 2017 2016 $80,580 59,250 179,468 18,107 171,825 237,000 (71,100) 266,625 $ 53,325 68,730 168,270 24,885 154,050 237,000 (47,400) 183,675 cumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total (53,325 (41,475) $888,430 $801,060 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $53,005 355,500 237,000 242,925 $888,430 $ 42,660 355,500 189,600 213,300 $801,060

Explanation / Answer

Statement of Cash Flow Particulars Amount Total Amount Income                43,845.00 Loss on sale of equiment = 11850-9480                  2,370.00 Depreciation                49,770.00 Decrease in AR                  9,480.00 Increase in inventory             (11,198.00) Decreasein prepaid expenses =                    6,778.00 Increase in AP                10,345.00 Cash flow from operating activities           111,390.00 Cash flow from Investing activities Sale of Land = 154050+47400-171825                29,625.00 Purchase of Equipment           (109,020.00) Sale of Equipment                  9,480.00 Cash flow from Investing activities           (69,915.00) Cash flow from Financing activities Issue of Stock                               -   Dividends Paid             (14,220.00) Cash flow from Financing activities           (14,220.00) Opening cash and cash equivalents             53,325.00 Closing cash and cash equivalents             80,580.00

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