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Discuss current assets other than cash increased

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Reference no: EM131813455

Kingbird Corporation's balance sheet at the end of 2016 included the following items.

Current assets (Cash $82,000) $236,180 Current liabilities $151,180
Land 31,180 Bonds payable 101,180
Buildings 121,180 Common stock 181,180
Equipment 91,180 Retained earnings 45,180
Accum. depr.-buildings (31,180)   Total $478,720
Accum. depr.-equipment (11,000)
Patents 41,180  
    Total $478,720  

The following information is available for 2017.

1. Net income was $54,150.
2. Equipment (cost $21,180 and accumulated depreciation $9,180) was sold for $11,180.
3. Depreciation expense was $5,180 on the building and $10,180 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,180.
6. An addition to the building was completed at a cost of $28,180.
7. A long-term investment (Equity) in stock was purchased for $16,000.
8. Bonds payable of $51,180 were issued.
9. Cash dividends of $30,000 were declared and paid.
10.

Treasury stock was purchased at a cost of $11,000.

Prepare a statement of cash flows for 2017

Reference no: EM131813455

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