Sage Hill Inc. had the following balance sheet at December 31, 2016.SAGE HILL INC.BALANCE SHEETDECEMBER 31, 2016Cash $ 9,600 Accounts payable $ 14,500Accounts receivable 14,000 Bonds payable 8,800Investments 15,500 Common stock 36,900Plant assets (net) 35,500 Retained earnings 32,300Land 17,900 $ 92,500 $ 92,500 During 2017, the following occurred.1. Net income was $ 23,700.2. Depreciation expense was $ 8,100.3. Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $ 3,200 loss.4. Sage Hill issued $ 20,800 of common stock at par.5. Dividends of $ 8,200 were declared and paid to stockholders.6. Accounts receivable and accounts payable at December 31, 2017 were $ 15,800 and $ 13,900, respectively.7. Sage Hill obtained $ 8,200in plant assets in exchange for issuing bonds.8. Sage Hill purchased additional plant assets for $ 17,900.9. Sage Hill purchased land for $ 18,400.10. Cash at December 31, 2017 was $ 30,800. Cash Flows from Financing ActivitiesIssuance of Common Stock20800Payment of Cash Dividends-8200Net Cash Provided by Financing Activities12600Net Increase in Cash21200Cash at Beginning of Year9600Cash at End of Year30800Noncash Investing and Financing ActivitiesPlant assets purchased through issuance of $of bonds%24

Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…

Answered: Sage Hill Inc. had the following…

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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SAGE HILL INC. BALANCE SHEET DECEMBER 31, 2016
Cash	$ 9,600	Accounts payable	$ 14,500
Accounts receivable	14,000	Bonds payable	8,800
Investments	15,500	Common stock	36,900
Plant assets (net)	35,500	Retained earnings	32,300
Land	17,900		$ 92,500
	$ 92,500

1.		Net income was $ 23,700.
2.		Depreciation expense was $ 8,100.
3.		Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $ 3,200 loss.
4.		Sage Hill issued $ 20,800 of common stock at par.
5.		Dividends of $ 8,200 were declared and paid to stockholders.
6.		Accounts receivable and accounts payable at December 31, 2017 were $ 15,800 and $ 13,900, respectively.
7.		Sage Hill obtained $ 8,200in plant assets in exchange for issuing bonds.
8.		Sage Hill purchased additional plant assets for $ 17,900.
9.		Sage Hill purchased land for $ 18,400.
10.		Cash at December 31, 2017 was $ 30,800.