Canyon Canoe Company’s comparative balance sheet is shown below. 2019 amounts are assumed, but include several transactions from prior chapters

Canyon Canoe Company’s comparative balance sheet is shown below. 2019 amounts are assumed, but include several transactions from prior chapters.

Additional data follow:

1. The income statement for 2019 included the following items:

a. Net income, $417,000.

b. Depreciation expense for the year, $34,330.

c. Amortization on the bonds payable, $254.

2. There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock.

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CANYON CANOE COMPANY
Statement of Cash Flows
Year Ended December 31, 2019
Cash Flows from Operating Activities:
Net Income		$ 417,000
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation Expense	$ 34,330
Amortization Expense	254
Decrease in Accounts Receivable	5,178
Increase in Merchandise Inventory	(355)
Decrease in Office Supplies	105
Decrease in Prepaid Rent	2,000
Increase in Short-term Investments	(23,840)
Increase in Accounts Payable	2,145
Increase in Utilities Payable	450
Increase in Telephone Payable	375
Increase in Wages Payable	3,000
Increase in Interest Payable	300
Increase in Unearned Revenue	150	24,092
Net Cash Provided by Operating Activities		441,092
Cash Flows from Investing Activities:
Acquisition of Building	(575,000)
Acquisition of Office Furniture and Equipment	(150,000)
Net Cash Used for Investing Activities		(725,000)
Cash Flows from Financing Activities:
Cash Receipt from Issuance of Common Stock	182,000
Cash Receipt from Issuance of Notes Payable	15,000
Cash Receipt from Issuance of Mortgage Payable	405,000
Cash Receipt from Issuance of Bonds Payable	208,476
Cash Payment of Dividends	(15,000)
Net Cash Provided by Financing Activities		795,476
Net Increase (Decrease) in Cash		511,568
Cash Balance, December 31, 2018		12,125
Cash Balance, December 31, 2019		$ 523,693
Non-cash Investing and Financing Activities:
Acquisition of land by issuing preferred stock		$70,000

Canyon Canoe Company’s comparative balance sheet is shown below. 2019 amounts are assumed, but include several transactions from prior chapters

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