Presented below is a condensed version of the comparative balance sheets for Ravensclaw Corporation for the last two years at December 31. 2019 2018
Cash $230,100 $101,400
Accounts receivable 234,000 240,500
Investments 67,600 96,200
Equipment 387,400 312,000
Accumulated Depreciation-Equipment (137,800 ) (115,700 )
Current liabilities 174,200 196,300
Common stock 208,000 208,000
Retained earnings 399,100 230,100

Additional information:
Investments were sold at a loss of $13,000; no equipment was sold; cash dividends paid were $39,000; and net income was $208,000.

Required:
Create a Statement of Cash Flows for 2019.

Ravensclaw Corporation

Statement of Cash Flows for the year ended December 31, 2019:

Net income                           $208,000

Add non-cash expense:

Depreciation expense              22,100

Loss from sale of investment  13,000

Cash from operations         $243,100

Adjustments of working capital:

Accounts receivable               $6,500

Current liabilities                    -22,100

Net cash from operations $227,500

Investing activities:

Cash from investment sale   15,600

Equipment                            -75,400

Financing activities:

Cash dividends paid            -39,000

Net cash flows                   $128,700

Explanation:

a) Data and Calculations:

                                            2019          2018      Differences

Cash                               $230,100     $101,400  +$128,700

Accounts receivable       234,000     240,500   -$6,500

Investments                      67,600        96,200   -$28,600

Equipment                      387,400       312,000   +$75,400

Accumulated Depreciation-

Equipment                    (137,800)      (115,700)   +$22,100 Depreciation Exp.

Current liabilities           174,200       196,300     -$22,100

Common stock            208,000      208,000      $0

Retained earnings        399,100      230,100      +$169,000

Cash dividends                                                    +$39,000

Net income = $208,000 ($169,000 + $39,000)

Cash from sold investments = $15,600 ($28,600 - $13,000)

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