Question

The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement of Financial Position December 31 Assets 2018 Cash $100,000 Held for trading investments 120,000 Accounts receivable 76,000 Inventory 122,700 Prepaid expenses 19,000 Property, plant, and equipment 316,000 Accumulated depreciation (47,000) Total assets $706,700 Liabilities and Shareholders' Equity Accounts payable $93,500 Accrued liabilities 12,000 Bank loan payable 131,200 Common shares 220,000 Retained earnings 250,000 Total liabilities and shareholders' equity $706,700 2017 $48,500 114,500 42,700 94,550 27,800 295,000 (53,900) $569,150 $77,200 7,100 185,850 175,000 124,000 $569,150 WILDHORSE, INC. Income Statement Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and expenses Unrealized gain on held for trading investments $5,500 Interest expense (4,720) Income before income tax Income tax expense Net income $536,000 186,900 349,100 116,400 232,700 780 233,480 45,000 $188,480

Answer 1

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Statement of cash flow? Cash flows from operating Activities Cash receipts from $502700 customers Cash Payment TO suppliers 198,750 for operating expenses 51,400 for Income Tax 45,000 for Interest 4,720 (299,870) Net case provided by operating Activities 202, 830 Cash flows from Investing Activities Proceeds from disposal of equipment & 1800 Purchase of equipment (21,400) Net Cash used by Investing Activities (19600) Cash flows from financing Activities Issue of common shares $ 45,000 Repayment of Bank Loan (114,250) Payment of Cash Dividends (62.480) Net Cash used by financing Activities (131,130) Net Increase in cash 51,500 Cash January 48,500 cash, December 31 Note X equipment costing $81,000 $ 1,00,000