Reference no: EM132768035
Question - The following selected data for Skyway Corporation for the year ended December 31, 2017, is available to you for preparing the cash flow statement:
Cost of goods sold $56,500 Sales revenue $97,300
Amortization expense 14,100 Interest revenue 4,100
Income tax expense 2,300 Dividend revenue 3,600
Other operating expenses 17,700 Salary expense 24,000
Loss on sale of investments 1,400 Interest expense 5,900
Gain on sale of property, plant, and equipment 7,200
The cash account began the year with a balance of $15,000 and ended the year with a balance of $195,800.
Accounts receivable decreased $13,600
Inventory increased 6,800
Prepaid expenses decreased 2,700
Accounts payable increased 21,400
Salary payable increased 1,500
Accrued liabilities decreased 4,300
Income tax payable increased 800
Acquisition of property, plant, and equipment 46,000
Issuance of common shares 125,000
Cash received from sale of investments 35,000
Collection of loan principal 22,600
Payment of dividends 15,000
Purchased equipment by signing a note payable 20,000
Cash received from sale of property, plant, and equipment 31,700
Required - Prepare the cash flow statement for Skyway Corporation for the year ended December 31, 2017, using the indirect method, and include a schedule of noncash investing and financing activities if necessary.