Exercise: Part Level Submission
Rojas Corporation's comparative balance sheets are presented below.
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ROJAS CORPORATION
Comparative Balance Sheets
December 31
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2017
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2016
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Cash
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$14,900
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$10,800
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Accounts receivable
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21,700
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23,200
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Land
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20,000
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26,200
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Buildings
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70,300
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70,300
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Accumulated depreciation-buildings
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(15,100)
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(10,500)
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Total
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$111,800
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$120,000
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Accounts payable
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$12,700
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$27,900
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Common stock
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74,600
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73,800
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Retained earnings
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24,500
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18,300
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Total
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$111,800
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$120,000
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Additional information:
1. Net income was $23,100. Dividends declared and paid were $16,900.
2. No noncash investing and financing activities occurred during 2017
3. The land was sold for cash of $4,600.
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).)