Required:(a.) Complete the December 31, 2017 and 2016 balance sheets.(b.) Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2017. Homework - Chapter 02Presented below is a statement of cash flows for Plum, Inc., for the year ended December 31, 2017. Alsoshown is a partially completed comparative balance sheet as of December 31, 2017 and 2016.PLUM, INC.Statement of Cash FlowsFor the year ended December 31, 2017Cash flows from operating activities:Net income$27,000Add (deduct) items not affecting cash:Depreciation expense135,000Decrease in accounts receivable69,000Increase in inventory(21,000)Increase in short-term debt15,000Increase in notes payable36,000Decrease in accounts payable(18,000)Net cash provided by operating activities$243,000Cash flows from investing activities:Purchase of equipment$(150,000)Purchase of buildings(144,000)Net cash used by investing activities(294,000)Cash flows from financing activities:Cash used for retirement of long-term debtProceeds from issuance of common stock$(75,000)30,000Payment of cash dividends on commonstockNet cash used by financing activitiesNet decrease in cash for the year(9,000)(54,000)$(105,000) PLUM, INC.Balance SheetsDecember 31, 2017, and 201620172016AssetsCurrent assets:CashAccounts receivable$$264,000219,000Inventory168.000Total current assets$$Land120,000Buildings and Equipment780,000(369,000)Less: AccumulateddepreciationTotal land, buildings andequipmentTotal assets$LiabilitiesCurrent liabilities:Short-term debt$96,000Notes payable108,000Accounts payable87,000Total current liabilities$$Long-term debt255,000Stockholders' EquityCommon stock$120,000Retained earningsTotal stockholders' equity$Total liabilities and$stockholders' equityRequired:(a.) Complete the December 31, 2017 and 2016 balance sheets.(b.) Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2017.

Name: Required:(a.) Complete the December 31, 2017 and 2016 balance sheets.(
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Description: Required:(a.) Complete the December 31, 2017 and 2016 balance sheets.(b.) Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2017. Homework - Chapter 02Presented below is a statement of cash flows for Plum, Inc., for

Balance sheet is a financial statement that contains details of a company's assets or liabilities at…

Business

Accounting

PLUM, INC. Balance Sheets December 31, 2017, and 2016 2017 2016 Assets Current assets: Cash $ $264,000 Accounts receivable 219,000 Inventory 168.000 Total current assets $ Land 120,000 Buildings and Equipment 780,000 (369,000) Less: Accumulated depreciation Total land, buildings and equipment Total assets $ Liabilities Current liabilities: Short-term debt $96,000 Notes payable 108,000 Accounts payable 87,000 Total current liabilities Long-term debt $ 255,000 Stockholders' Equity Common stock $120,000 Retained earnings Total stockholders' equity $ Total liabilities and $ stockholders' equity Required: (a.) Complete the December 31, 2017 and 2016 balance sheets. (b.) Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2017.

PLUM, INC. Balance Sheets December 31, 2017, and 2016 2017 2016 Assets Current assets: Cash $ $264,000 Accounts receivable 219,000 Inventory 168.000 Total current assets $ Land 120,000 Buildings and Equipment 780,000 (369,000) Less: Accumulated depreciation Total land, buildings and equipment Total assets $ Liabilities Current liabilities: Short-term debt $96,000 Notes payable 108,000 Accounts payable 87,000 Total current liabilities Long-term debt $ 255,000 Stockholders' Equity Common stock $120,000 Retained earnings Total stockholders' equity $ Total liabilities and $ stockholders' equity Required: (a.) Complete the December 31, 2017 and 2016 balance sheets. (b.) Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2017.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.18E

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