A comparative balance sheet for Bell Ltd. is presented Dec 31/17 Dec 31/16 $ 42,000 $ 251,000 107,000 81,000 135,000 138,000 515,000 319,000 (80,000) (100,000) $718,000 $487,000 Assets Cash Accounts receivable (net) Inventory Equipment as follows: Liabilities & S/H Equity Accounts payable Wages payable Acc. amort., equipment Total Assets Common shares, n.p.v. . . . Retained earnings Dec 31/17 $91,000 3,000 Dec 31/16 $ 57,000 7,000 342,000 103,000 Total Liabilities & S/H Equity $718,000 During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000. REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. 259,000 86,000 $487,000
A comparative balance sheet for Bell Ltd. is presented Dec 31/17 Dec 31/16 $ 42,000 $ 251,000 107,000 81,000 135,000 138,000 515,000 319,000 (80,000) (100,000) $718,000 $487,000 Assets Cash Accounts receivable (net) Inventory Equipment as follows: Liabilities & S/H Equity Accounts payable Wages payable Acc. amort., equipment Total Assets Common shares, n.p.v. . . . Retained earnings Dec 31/17 $91,000 3,000 Dec 31/16 $ 57,000 7,000 342,000 103,000 Total Liabilities & S/H Equity $718,000 During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000. REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. 259,000 86,000 $487,000
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Statement Of Cash Flows
Section: Chapter Questions
Problem 13.3APR
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Question
![QUESTION 2 – Cash Flow Statement
A comparative balance sheet for Bell Ltd. is presented as follows:
Dec 31/17
Dec 31/16
$ 42,000
$ 251,000
107,000
81,000
135,000
138,000
515,000
319,000
(80,000)
(100,000)
$718,000 $487,000
Assets
Cash
Accounts receivable (net)
Inventory
Equipment
Acc. amort., equipment
Total Assets
Liabilities & S/H Equity
Accounts payable
Wages payable
Common shares, n.p.v. . . .
Retained earnings
Dec 31/17
$91,000
3,000
342,000
103,000
Total Liabilities & S/H Equity $718,000
Dec 31/16
$ 57,000
7,000
259,000
86,000
$487,000
During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell
issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000.
REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ca35aa5-9357-4809-ac84-51625c94e4c3%2Fc9485723-ece1-4db6-b5e6-19043acc4020%2Frijgt9aj_processed.png&w=3840&q=75)
Transcribed Image Text:QUESTION 2 – Cash Flow Statement
A comparative balance sheet for Bell Ltd. is presented as follows:
Dec 31/17
Dec 31/16
$ 42,000
$ 251,000
107,000
81,000
135,000
138,000
515,000
319,000
(80,000)
(100,000)
$718,000 $487,000
Assets
Cash
Accounts receivable (net)
Inventory
Equipment
Acc. amort., equipment
Total Assets
Liabilities & S/H Equity
Accounts payable
Wages payable
Common shares, n.p.v. . . .
Retained earnings
Dec 31/17
$91,000
3,000
342,000
103,000
Total Liabilities & S/H Equity $718,000
Dec 31/16
$ 57,000
7,000
259,000
86,000
$487,000
During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell
issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000.
REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd.
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