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(solution) Exercise 13-8 VELO COMPANY Comparative Balance Sheets December 31


Exercise 13-8


VELO COMPANY
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash $ 63,000 $ 22,000
Accounts receivable 85,000 76,000
Inventory 170,000 189,000
Land 75,000 100,000
Equipment 270,000 200,000
Accumulated depreciation?equipment (66,000 ) (32,000 )
   Total $597,000   $555,000  
Liabilities and Stockholders? Equity
Accounts payable $ 39,000 $ 47,000
Bonds payable 150,000 200,000
Common stock ($1 par) 216,000 174,000
Retained earnings 192,000   134,000  
   Total $597,000   $555,000  

Additional information:

1. Net income for 2017 was $93,000.
2. Cash dividends of $35,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5.

No equipment was sold during 2017, but land was sold at cost.

Exercise 13-8

Prepare a statement of cash flows for 2017

 


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