Refer to all of the facts in Problem 12-9. Required 1. Prepare a balance sheet at December 31, 2017. 2. Using the format in the chapter’s appendix, prepare a statement of cash flows work sheet.

Refer to all of the facts in Problem 12-9.
Required
1. Prepare a balance sheet at December 31, 2017.
2. Using the format in the chapter’s appendix, prepare a statement of cash flows work sheet.
3. Prepare a statement of cash flows for 2017 using the indirect method in the Operating Activ-ities section.
4. Provide a possible explanation as to why Terrier decided to issue additional bonds for cash during 2017.

PROBLEM 12-9

The balance sheet of Terrier Company at the end of 2016 is presented here, along with certain other information for 2017:

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Other information is as follows:
a. Net income for 2017 was $70,000.
b. Included in operating expenses was $20,000 in depreciation.
c. Cash dividends of $25,000 were declared and paid.
d. An additional $150,000 of bonds was issued for cash.
e. Common stock of $50,000 was purchased for cash and retired.
f. Cash purchases of plant and equipment during the year were $200,000.
g. An additional $100,000 of bonds was issued in exchange for land.
h. During the year, sales exceeded cash collections on account by $10,000. All sales are on account.
i. The amount of current liabilities remained unchanged during the year.
Required
1. Prepare a statement of cash flows for 2017 using the indirect method in the Operating Activ-ities section. Include a supplemental schedule for noncash activities.
2. Prepare a balance sheet at December 31, 2017.
3. Provide a possible explanation as to why Terrier decided to issue additional bonds for cash during 2017.

 

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