E5-15B(Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Garcia Corporation for the last two years at December 31. 2012 Cash $442,500, Accounts receivable 450,000, Investments 130,000,Equipment 745,000, Less: Accumulated depreciation (265,000),Current liabilities 335,000, Capital stock 400,000, Retained earnings 767,500. 2011 Cash $195,000, Accounts receivable 462,500, Investments 185,000, Equipment 600,000, Less: Accumulated depreciation (222,500) Current liabilities 377,500, Capital stock 400,000, Retained earnings 442,500.Additional information: Investments were sold at a loss (not extraordinary) of $25,000; no equipment was sold; cash dividends paid were $75,000; and net income was $400,000. Instructions: (a) Prepare a statement of cash flows for 2012 for Garcia Corporation. (b) Determine Garcia Corporation’s free cash flow.
E5-15B(a) Garcia CorporationStatement of cash flows for the year ended December 31, 2012Operating activities section:Net IncomeAdd: Loss on sale of investmentsAdd: Depreciation expense*Add:…
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