Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance SheetsSales$475,000 Cost of Goods Sold(221,500) Operating Expenses, other thanDepreciation Expense(60,600) Depreciation Expense(21,000) Gain on Sale of Plant Assets23,500 Net Income$195,400 Dec. 31,2018Cash $347,450Accounts Receivable 39,750Inventory 33,000Accounts Payable 17,550Accured Liabilities 3,500 Dec. 31, 2017Cash $133,500Accounts Receivable 36,500Inventory 35,000Accounts Payable 19,550Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500Dividends of $22,000 were declared and paidPrepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments.Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018Cash Flow from Operating Activities: $- Select -Cash Payments: $- Select - - Select -- Select -Net cash flows from operating activities $fill in the blank 8Cash Flow from Investing Activities: $- Select - Net Cash Flow from Investing Activities fill in the blank 11Cash Flow from Financing Activities: $- Select - Net Cash Flow from Financing Activities fill in the blank 14 $- Select -Cash Balance, December 31, 2017 fill in the blank 17Cash Balance, December 31, 2018

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Answered: Prepare a statement of cash flows…

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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Use the following excerpts from Victrolia Company’s financial information.

	2018 Income Statment	Balance Sheets
Sales	$475,000
Cost of Goods Sold	(221,500)
Operating Expenses, other than Depreciation Expense	(60,600)
Depreciation Expense	(21,000)
Gain on Sale of Plant Assets	23,500
Net Income	$195,400
		Dec. 31,2018
Cash		$347,450
Accounts Receivable		39,750
Inventory		33,000
Accounts Payable		17,550
Accured Liabilities		3,500
		Dec. 31, 2017
Cash		$133,500
Accounts Receivable		36,500
Inventory		35,000
Accounts Payable		19,550
Accured Liabilities		2,200

Additional Information:
Plant assets were sold for $45,000; book value $16,500
Dividends of $22,000 were declared and paid

Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments.

Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018

Cash Flow from Operating Activities:
		$- Select -
Cash Payments:
	$- Select -
	- Select -	- Select -
Net cash flows from operating activities		$fill in the blank 8
Cash Flow from Investing Activities:
	$- Select -
Net Cash Flow from Investing Activities		fill in the blank 11
Cash Flow from Financing Activities:
	$- Select -
Net Cash Flow from Financing Activities		fill in the blank 14
		$- Select -
Cash Balance, December 31, 2017		fill in the blank 17
Cash Balance, December 31, 2018

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