Exercise 5-16 Shabbona Corporation - statement of cash flows
Account_tutorExercise 5-16 Shabbona Corporation - statement of cash flows
A comparative balance sheet for Shabbona Corporation is presented below.
December 31
Assets 2014 2013
Cash $ 72,685 $ 22,000
Accounts receivable 83,043 67,358
Inventory 181,043 190,358
Land 72,043 111,358
Equipment 258,957 198,642
Accumulated Depreciation Equipment (70,043 ) (43,358 )
Total $597,728 $546,358
Liabilities and Stockholders' Equity
Accounts payable $ 35,043 $ 48,358
Bonds payable 150,000 200,000
Common stock ($1 par) 214,000 164,000
Retained earnings 198,685 134,000
Total $597,728 $546,358
Additional information:
1. Net income for 2014 was $127,086.
2. Cash dividends of $62,401 were declared and paid.
3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
Prepare a statement of cash flows for 2014 for Shabbona Corporation
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