P11-77. (Learning Objectives 2, 3: Prepare a balance sheet from a statement of cash flows)The December 31, 2017, balance sheet and the 2018 statement of cash flows for McFarlandCorporation follow: Requirement1. Prepare the December 31, 2018, balance sheet for McFarland. P11-77. (Learning Objectives 2, 3: Prepare a balance sheet from a statement of cash flows)The December 31, 2017, balance sheet and the 2018 statement of cash flows for McFarlandCorporation follow:12 Assets:Cash345678A1-690Accounts receivable (net)InventoryPrepaid expensesLand9101112131415 Total liabilities16 Stockholders' equity:17 Common stock, no parMachinery and equipment (net)Total assetsLiabilities:Accounts payableUnearned revenueIncome taxes payableLong-term debt18 Retained earningsMcFarland CorporationBalance SheetDecember 31, 201719 Total stockholders' equity20 Total liabilities and stockholders' equity21$ 17,00078,40050,7002,20095,60073,500$ 317,400$ 40,6008,6005,50086,000140,70051,200125,500176,700$ 317,400 12 Cash flows from operating activities:3Net income4TTTTTT1156Depreciation7 Loss on sale of equipmentGain on sale of land891023456121314A115McFarland CorporationStatement of Cash FlowsYear Ended December 31, 2018161718192021222324Adjustments to reconcile net income to net cashprovided by operating activities:Change in assets and liabilities:Decrease in Accounts receivableIncrease in InventoryDecrease in Prepaid expensesIncrease in Accounts payableDecrease in Taxes payableIncrease in Unearned revenueNet cash provided by operating activitiesCash flows from investing activities:Purchase of equipmentSale of equipmentSale of landNet cash provided by investing activitiesCash flows from financing activities:Repayment of long-term debtIssuance of common stock25Dividends paid (dividends declared, $6,000)Net cash used for financing activities27 Increase (decrease) in cash2628 Cash balance, December 31, 201729 Cash balance, December 31, 201830Requirement1. Prepare the December 31, 2018, balance sheet for McFarland.$ 13,90018,000(7,100)50,100(17,600)1,3001,200(4,100)11,400(15,000)14,00061,000(21,000)17,700(5,000)$ 18,40067,100$ 85,50060,000(8,300)137,20017,000$ 154,200

Notes for Preparing Balance sheet : 1. Cash balance as on 31 December 2018 will be taken from the…

P11-77. (Learning Objectives 2, 3: Prepare a balance sheet from a statement of cash flows) The December 31, 2017, balance sheet and the 2018 statement of cash flows for McFarland Corporation follow: Requirement 1. Prepare the December 31, 2018, balance sheet for McFarland.

P11-77. (Learning Objectives 2, 3: Prepare a balance sheet from a statement of cash flows) The December 31, 2017, balance sheet and the 2018 statement of cash flows for McFarland Corporation follow: Requirement 1. Prepare the December 31, 2018, balance sheet for McFarland.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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