Statement of Cash Flows Team Assignment:
Robin Corporation’s balance sheet on December 31, 2012 included the following items:
|
Cash
|
$ 35,000
|
Current Liabilities
|
$ 150,000
|
|
Other Current Assets
|
200,000
|
Bonds Payable
|
100,000
|
|
Land
|
30,000
|
Common Stock
|
180,000
|
|
Building
|
120,000
|
Retained Earnings
|
44,000
|
|
Equipment
|
90,000
|
|
|
|
Accum. Deprec. - Building
|
(30,000)
|
|
|
|
Accum. Deprec. - Equipment
|
(11,000)
|
|
|
|
Patents
|
40,000
|
|
|
|
Total
|
$ 474,000
|
Total
|
$ 474,000
|
The following information is available for 2013:
1. Net income was $46,000.
2. Equipment (cost, $20,000 and accumulated depreciation, $8,000) was sold for $10,000.
3. Depreciation expense was $3,000 on the building and $9,000 on equipment.
4. Patent amortization was $5,000.
5. Current assets other than cash increased by $29,000. Current liabilities increased by $13,000.
6. An addition to the building was completed at a cost of $20,000.
7. A long-term investment in stock was purchased for $16,000.
8. Bonds payable of $50,000 were issued.
9. Cash dividends of $30,000 were declared and paid.
10. Treasury stock was purchased at a cost of $9,000.
Prepare a statement of cash flows for the year ended December 31, 2013 and a Balance Sheet at December 31, 2013.