A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet 2017 2016 Assets Cash $ 36 , 000 $ 31 , 000 Accounts receivable (net) 70 , 000 60 , 000 Prepaid insurance 25 , 000 17 , 000 Land 18 , 000 40 , 000 Equipment 70 , 000 60 , 000 Accumulated depreciation ( 20 , 000 ‾ ) ( 13 , 000 ‾ ) Total Assets $ 199 , 000 ‾ $ 195 , 000 ‾ \begin{array}{c} ext { HALPERN CORPORATION}\ ext { Comparative Balance Sheet}\\\begin{array}{lrr} & 2017 & 2016\ ext { Assets }\ ext { Cash } & \$ 36,000 & \$ 31,000 \ ext { Accounts receivable (net) } & 70,000 & 60,000 \ ext { Prepaid insurance } & 25,000 & 17,000 \ ext { Land } & 18,000 & 40,000 \ ext { Equipment } & 70,000 & 60,000 \ ext { Accumulated depreciation } & \underline{(20,000}) & \underline{(13,000}) \\quad ext { Total Assets } & \underline{\$ 199,000} & \underline{\$ 195,000}\end{array}\end{array} HALPERN CORPORATION Comparative Balance Sheet Assets Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets 2017 $36 , 000 70 , 000 25 , 000 18 , 000 70 , 000 ( 20 , 000 ) $199 , 000 2016 $31 , 000 60 , 000 17 , 000 40 , 000 60 , 000 ( 13 , 000 ) $195 , 000 Liabilities and Stockholders’ Equity Accounts payable $ 11 , 000 $ , 000 Bonds payable 27 , 000 19 , 000 Common stock 140 , 000 115 , 000 Retained earnings 21 , 000 55 , 000 Total liabilities and stockholders’ equity $ 199 , 000 $ 195 , 000 \begin{array}{lrr} ext { Liabilities and Stockholders ' Equity }\ ext { Accounts payable } & \$ 11,000 & \$, 000 \ ext { Bonds payable } & 27,000 & 19,000 \ ext { Common stock } & 140,000 & 115,000 \ ext { Retained earnings } & 21,000 & 55,000 \\quad ext { Total liabilities and stockholders ' equity } & \$ 199,000 & \$ 195,000\end{array} Liabilities and Stockholders’ Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders’ equity $11 , 000 27 , 000 140 , 000 21 , 000 $199 , 000 $ , 000 19 , 000 115 , 000 55 , 000 $195 , 000 Additional information:1. Net loss for 2017 is $20000.2. Cash dividends of $14000 were declared and paid in 2017.3. Land was sold for cash at a loss of $4000. This was the only land transaction during the year.4. Equipment with a cost of $15000 and accumulated depreciation of $10000 was sold for $5000 cash.5. $22000 of bonds were retired during the year at carrying (book) value.6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25000.InstructionsPrepare a statement of cash flows for the year ended 2017 using the indirect method.

Question

A comparative balance sheet for Halpern Corporation is presented below:    HALPERN CORPORATION  Comparative Balance Sheet 2017 2016  Assets   Cash  $ 36 , 000 $ 31 , 000  Accounts receivable (net)  70 , 000 60 , 000  Prepaid insurance  25 , 000 17 , 000  Land  18 , 000 40 , 000  Equipment  70 , 000 60 , 000  Accumulated depreciation  ( 20 , 000 ‾ ) ( 13 , 000 ‾ )  Total Assets  $ 199 , 000 ‾ $ 195 , 000 ‾ \begin{array}{c}	ext { HALPERN CORPORATION}\	ext {  Comparative Balance Sheet}\\\begin{array}{lrr} & 2017 & 2016\	ext { Assets }\	ext { Cash }  &  \$ 36,000  &  \$ 31,000 \	ext { Accounts receivable (net) }  &  70,000  &  60,000 \	ext { Prepaid insurance }  &  25,000  &  17,000 \	ext { Land }  &  18,000  &  40,000 \	ext { Equipment }  &  70,000  &  60,000 \	ext { Accumulated depreciation }  &  \underline{(20,000})  &  \underline{(13,000}) \\quad 	ext { Total Assets }  &  \underline{\$ 199,000}  &  \underline{\$ 195,000}\end{array}\end{array}  HALPERN CORPORATION  Comparative Balance Sheet  Assets   Cash   Accounts receivable (net)   Prepaid insurance   Land   Equipment   Accumulated depreciation   Total Assets  ​ 2017 $36 , 000 70 , 000 25 , 000 18 , 000 70 , 000 ( 20 , 000 ​ ) $199 , 000 ​ ​ 2016 $31 , 000 60 , 000 17 , 000 40 , 000 60 , 000 ( 13 , 000 ​ ) $195 , 000 ​ ​ ​      Liabilities and Stockholders’ Equity   Accounts payable  $ 11 , 000 $ , 000  Bonds payable  27 , 000 19 , 000  Common stock  140 , 000 115 , 000  Retained earnings  21 , 000 55 , 000  Total liabilities and stockholders’ equity  $ 199 , 000 $ 195 , 000 \begin{array}{lrr}	ext { Liabilities and Stockholders '  Equity }\	ext { Accounts payable }  &  \$ 11,000  &  \$, 000 \	ext { Bonds payable }  &  27,000  &  19,000 \	ext { Common stock }  &  140,000  &  115,000 \	ext { Retained earnings }  &  21,000  &  55,000 \\quad 	ext { Total liabilities and stockholders '  equity }  &  \$ 199,000  &  \$ 195,000\end{array}  Liabilities and Stockholders’ Equity   Accounts payable   Bonds payable   Common stock   Retained earnings   Total liabilities and stockholders’ equity  ​ $11 , 000 27 , 000 140 , 000 21 , 000 $199 , 000 ​ $ , 000 19 , 000 115 , 000 55 , 000 $195 , 000 ​   Additional information:1. Net loss for 2017 is $20000.2. Cash dividends of $14000 were declared and paid in 2017.3. Land was sold for cash at a loss of $4000. This was the only land transaction during the year.4. Equipment with a cost of $15000 and accumulated depreciation of $10000 was sold for $5000 cash.5. $22000 of bonds were retired during the year at carrying (book) value.6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25000.InstructionsPrepare a statement of cash flows for the year ended 2017 using the indirect method.

Srishty Dagar · Accepted Answer

Final Answer :

Definitions

Learning Objectives

Learning Objectives

Related questions