Prepare an unclassified balance sheet as it would appear

Reference no: EM131975662

Problem

Sheffield Inc. had the following balance sheet at December 31, 2016.

SHEFFIELD INC. BALANCE SHEET DECEMBER 31, 2016
Cash	$23,050	Accounts payable	$33,050
Accounts receivable	24,250	Notes payable (long-term)	44,050
Investments	35,050	Common stock	103,050
Plant assets (net)	81,000	Retained earnings	26,250
Land	43,050		$206,400
	$206,400

During 2017, the following occurred.

1. Sheffield Inc. sold part of its investment portfolio for $16,260. This transaction resulted in a gain of $4,660 for the firm. The company classifies its investments as available-for-sale.

2. A tract of land was purchased for $16,050 cash.

3. Long-term notes payable in the amount of $17,260 were retired before maturity by paying $17,260 cash.

4. An additional $21,260 in common stock was issued at par.

5. Dividends of $9,460 were declared and paid to stockholders.

6. Net income for 2017 was $35,050 after allowing for depreciation of $12,260.

7. Land was purchased through the issuance of $38,050 in bonds.

8. At December 31, 2017, Cash was $40,050, Accounts Receivable was $44,650, and Accounts Payable remained at $33,050.

Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Prepare an unclassified balance sheet as it would appear at December 31, 2017. (List Assets in order of liquidity.)

Compute two cash flow ratios.

Reference no: EM131975662

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