The following information is available for Blue Spruce Corp. for the year ended December 31, 2022. Beginning cash balance$ 63,000 Accounts payable decrease5,180 Depreciation expense226,800 Accounts receivable increase11,480 Inventory increase15,400 Net income397,740 Cash received for sale of land at book value49,000 Cash dividends paid16,800 Income taxes payable increase6,580 Cash used to purchase building404,600 Cash used to purchase treasury stock36,400 Cash received from issuing bonds280,000

Question requires that the Cashflow statement be drawn up using the Indirect method.

                                         Blue Spruce Corp.

                                      Statement of Cashflows

                           For the Year ended December 31, 2022

Cashflow from Operating Activities

Net Income                                                                                    $397,740

Adjustments to reconcile Net income to

net cash provided by operating activities.

Depreciation expense                                           $226,800

Accounts Payable decrease                                 ($5,180)

Accounts Receivable income                               ($11,480)

Inventory increase                                                 (15,400)

Income taxes payable increase                           $6,580

                                                                                                      $‭201,320‬

Net Cash provided by Operating Activities                                $‭599,060‬

Cashflows from Investing Activities

Sales of land at book value                                $49,000

Purchase of building                                          (404,600)  

Net Cash used in Investing Activities                                        ($355,600)

Cashflows from Financing Activities

Issue of Bonds                                                 $280,000

Cash dividends paid                                        ($16,800)

Purchase of Treasury stock                           ($36,400)

Net Cash provided by Financing activities                                $‭226,800‬

Net increase in Cash                                                                  $‭470,260‬

Beginning Cash Balance                                                            $63,000

Ending Cash balance                                                                 $‭533,260‬

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