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E5-16B (L05,6) (Preparation of a Statement of Cash Flows) A comparative balance sheet for Gokhale Corporation is presented below. December 31 Assets 2017 2016 Cash $109,500 $ 33,000 Accounts receivable 123,000 270,000 106,500 390,000 (103,500) 99,000 283,500 165,000 300,000 (63,000) Inventories Land Equipment Accumulated depreciation-equipment Total $895,500 $817,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 51,000 225,000 321,000 298,500 $ 70,500 300,000 246,000 201,000 Total $895,500 $817,500 Additional information: 1. Net income for 2017 was $187,500. 2. Cash dividends of $90,000 were declared and paid. 3. Bonds payable amounting to $75,000 were retired through issuance of common stock. 4. Land was sold for cost. 5. Equipment was purchased but no equipment was sold.

E5-16B (L05,6) (Preparation of a Statement of Cash Flows) A comparative balance sheet for Gokhale Corporation is presented below. December 31 Assets 2017 2016 Cash $109,500 $ 33,000 Accounts receivable 123,000 270,000 106,500 390,000 (103,500) 99,000 283,500 165,000 300,000 (63,000) Inventories Land Equipment Accumulated depreciation-equipment Total $895,500 $817,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 51,000 225,000 321,000 298,500 $ 70,500 300,000 246,000 201,000 Total $895,500 $817,500 Additional information: 1. Net income for 2017 was $187,500. 2. Cash dividends of $90,000 were declared and paid. 3. Bonds payable amounting to $75,000 were retired through issuance of common stock. 4. Land was sold for cost. 5. Equipment was purchased but no equipment was sold.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 10MCQ
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E5-16B (L05,6) (Preparation of a Statement of Cash Flows) A comparative balance sheet for Gokhale Corporation is presented below. December 31 Assets 2017 2016 Cash $ 33,000 $109,500 123,000 270,000 106,500 390,000 Accounts receivable Inventories 99,000 283,500 165,000 300,000 (63,000) Land Equipment Accumulated depreciation-equipment (103,500) Total $895,500 $817,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 51,000 225,000 321,000 298,500 $ 70,500 300,000 246,000 201,000 Total $895,500 $817,500 Additional information: 1. Net income for 2017 was $187,500. 2. Cash dividends of $90,000 were declared and paid. 3. Bonds payable amounting to $75,000 were retired through issuance of common stock. 4. Land was sold for cost. 5. Equipment was purchased but no equipment was sold.
Transcribed Image Text:E5-16B (L05,6) (Preparation of a Statement of Cash Flows) A comparative balance sheet for Gokhale Corporation is presented below. December 31 Assets 2017 2016 Cash $ 33,000 $109,500 123,000 270,000 106,500 390,000 Accounts receivable Inventories 99,000 283,500 165,000 300,000 (63,000) Land Equipment Accumulated depreciation-equipment (103,500) Total $895,500 $817,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 51,000 225,000 321,000 298,500 $ 70,500 300,000 246,000 201,000 Total $895,500 $817,500 Additional information: 1. Net income for 2017 was $187,500. 2. Cash dividends of $90,000 were declared and paid. 3. Bonds payable amounting to $75,000 were retired through issuance of common stock. 4. Land was sold for cost. 5. Equipment was purchased but no equipment was sold.
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