Exercise 5-15 Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last t

Exercise 5-15 Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31. 2017 2016 177,000 $78,000 180,000 185,000 74,000 240,000 Cash Accounts receivable Investments Equipment Accumulated Depreciation-Equipment Current liabilities Common stock Retained earnings 52,000 298,000 (106,000) (89,000) 134,000 160,000 307,000 151,000 160,000 177,000 Additional information: Investments were sold at a loss of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000.
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Exercise 5-15 Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31. 2017 2016 177,000 $78,000 180,000 185,000 74,000 240,000 Cash Accounts receivable Investments Equipment Accumulated Depreciation-Equipment Current liabilities Common stock Retained earnings 52,000 298,000 (106,000) (89,000) 134,000 160,000 307,000 151,000 160,000 177,000 Additional information: Investments were sold at a loss of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000.

Expert Answer

 

Zubin Mehta Corporation
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash Flows from Operating Activities
Net Income 160000
Adjustments to reconcile net income to
Net Cash Provided by Operating Activities
Depreciation Expense 17000
Loss on Sale of Investments 10000
Decrease in Accounts Receivable 5000
Decrease in Current Liabilities -17000
15000
Net Cash Provided by Operating Activities 175000
Cash Flows from Investing Activities
Sale of Investments 12000
Purchase of Equipment -58000
Net Cash Used by Investing Activities -46000
Cash Flows from Financing Activities
Payment of Cash Dividends -30000
Net Increase in Cash 99000
Cash at Beginning of Year 78000
Cash at End of Year 177000
Free cash flow = 175000-58000-30000= 87000
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