Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets...
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Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,000 $33,400 Accounts receivable 85,600 70,900 Inventory 170,000 186,900 Land 73,000 101,700 Equipment 260,700 200,800 Accumulated depreciationequipment (66,000 ) (33,700 ) Total $596,300 $560,000 Liabilities and Stockholders Equity Accounts payable $35,300 $47,100 Bonds payable 149,000 203,200 Common stock ($1 par) 216,300 172,000 Retained earnings 195,700 137,700 Total $596,300 $560,000 Additional information: 1. Net income for 2017 was $104,300. 2. Cash dividends of $46,300 were declared and paid. 3. Bonds payable amounting to $54,200 were redeemed for cash $54,200. 4. Common stock was issued for $44,300 cash. 5. No equipment was sold during 2017, but land was sold at cost. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).) VELO COMPANY Statement of Cash Flows $ 104300 Adjustments to reconcile net income to $ $
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