a Connect xC Solved 3M Co reports beg thtm Help Saved Chapt

a Connect xC Solved 3M Co reports beg + thtm Help Saved Chapters 15 to 18 Homework Project: Due o... 15 Comparative Balance Sheets December 31, 2018 and 2017 2018 2817 Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $32,380 32,408 10,600 13,808 95,10875,108 138,08 128,508 52,700 I44,588 (23,880) (16,500) $166,990 $148,500 176 Liabilities and Equity Accounts payable Salaries payable Total current liabilities Equity Conmon stock, no par value Retained earnings Total liabilities and equity 5 25, 30 5 27,400 580 600 25,880 28,00e 117, 300 187,400 23,88813,100 $166,980 $148,588 500 0 Type here to search

Solution

Statement of Cash Flows - Indirect Method Amount in $ Amount in $ Net income $             10,700 Cash flows from operating activities Adjustments for: Depreciation $                7,300 (Increase) / Decrease in Account receivables $                2,400 Inventory Decrease / (Increase) $            -20,000 Accounts payable Increase / ( Decrese) $              -2,100 Salaries Payable $                  -100 $            -12,500 Net cash from operating activities $              -1,800 Cash flows from investing activities Purhcase of Equipment $              -8,200 Net cash used in investing activities $              -8,200 Cash flows from Financing activities Issue of Common Stock $                9,900 Note Payable Net cash used in financing activities $                9,900 Net increase in cash and cash equivalents $                  -100 Add :Cash and cash equivalents at beginning of period $             32,400 Cash and cash equivalents at end of period $             32,300 CALCULATION OF PURHCASE OF EQUIPMENT Closing Balance of Equipment $             52,700 Less: Opening Balance of Equipment $             44,500 Purhcase $                8,200