Prepare a statement of cash flows for for kingbird

Reference no: EM131896098

Problem

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

KINGBIRD INC. BALANCE SHEET DECEMBER 31, 2016
Cash	$ 21,940	Accounts payable	$ 31,940
Accounts receivable	23,140	Bonds payable	42,940
Investments	32,000	Common stock	101,940
Plant assets (net)	82,940	Retained earnings	25,140
Land	41,940		$201,960
	$201,960

During 2017, the following occurred.

1. Kingbird liquidated its available-for-sale investment portfolio at a loss of $6,940.
2. A tract of land was purchased for $39,940.
3. An additional $30,000 in common stock was issued at par.
4. Dividends totaling $11,940 were declared and paid to stockholders.
5. Net income for 2017 was $36,940, including $13,940 in depreciation expense.
6. Land was purchased through the issuance of $31,940 in additional bonds.
7. At December 31, 2017, Cash was $72,140, Accounts Receivable was $43,940, and Accounts Payable was $41,940.

(a) Prepare a statement of cash flows for the year 2017 for Kingbird.

Reference no: EM131896098

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