**Problem 3: Comparative Balance Sheet Analysis**A comparative balance sheet for Rocker Company appears below:**Rocker Company**Comparative Balance Sheet| **Assets** | **Dec. 31, 2017** | **Dec. 31, 2016** ||--------------------------------------|-------------------|-------------------|| **Cash** | $34,000 | $11,000 || **Accounts receivable** | $18,000 | $13,000 || **Inventory** | $25,000 | $17,000 || **Prepaid expenses** | $6,000 | $9,000 || **Long-term investments** | -0- | $17,000 || **Equipment** | $60,000 | $33,000 || **Accumulated depreciation—equipment** | ($20,000) | ($15,000) || **Total assets** | $123,000 | $85,000 || **Liabilities and Stockholders' Equity** | **Dec. 31, 2017** | **Dec. 31, 2016** ||------------------------------------------|-------------------|-------------------|| **Accounts payable** | $17,000 | $7,000 || **Bonds payable** | $36,000 | $45,000 || **Common stock** | $40,000 | $23,000 || **Retained earnings** | $30,000 | $10,000 || **Total liabilities and stockholders' equity** | $123,000 | $85,000 |**Additional Information:**1. Net income for the year ending December 31, 2017, was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. No equipment was sold during 2017.**Instructions:**Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method.---**Explanation:**This balance sheet shows a comparative view of Rocker Company's financial position for the years ending December 31,

Statement of Cash Flow - Cash Flows Statement shows the movement of cash for the financial year.…

PROBLEM 3 A comparative balance sheet for Rocker Company appears below: ROCKER COMPANY Comparative Balance Sheet Dec. 31, 2016 Assets $11,000 Cash Accounts receivable 13,000 Inventory 17,000 Prepaid expenses 9,000 Long-term investments 17,000 Equipment 33,000 (15,000) Accumulated depreciation equipment Total assets $123.000 $85.000 Liabilities and Stockholders' Equity $ 17,000 $ 7,000 Accounts payable Bonds payable Common stock 36,000 45,000 40,000 23,000 Retained earnings 30,000 10,000 Total liabilities and stockholders' equity $123.000 $85.000 Additional information: 1. Net income for the year ending December 31, 2017, was $35,000. 2. Cash dividends of $15,000 were declared and paid during the year. 3. Long-term investments that had a cost of $17,000 were sold for $14,000. 4. No equipment was sold during 2017. Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. Dec. 31, 2017 $ 34,000 18,000 25,000 6,000 -0- 60,000 (20,000)

PROBLEM 3 A comparative balance sheet for Rocker Company appears below: ROCKER COMPANY Comparative Balance Sheet Dec. 31, 2016 Assets $11,000 Cash Accounts receivable 13,000 Inventory 17,000 Prepaid expenses 9,000 Long-term investments 17,000 Equipment 33,000 (15,000) Accumulated depreciation equipment Total assets $123.000 $85.000 Liabilities and Stockholders' Equity $ 17,000 $ 7,000 Accounts payable Bonds payable Common stock 36,000 45,000 40,000 23,000 Retained earnings 30,000 10,000 Total liabilities and stockholders' equity $123.000 $85.000 Additional information: 1. Net income for the year ending December 31, 2017, was $35,000. 2. Cash dividends of $15,000 were declared and paid during the year. 3. Long-term investments that had a cost of $17,000 were sold for $14,000. 4. No equipment was sold during 2017. Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. Dec. 31, 2017 $ 34,000 18,000 25,000 6,000 -0- 60,000 (20,000)

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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