Comparative balance sheets for 2016 and 2015 and a statement of
income for 2016 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.

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Question: Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below f…
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METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2016 and 2015
($ in 000s)
2016 2015
Assets
  Cash $ 490 $ 220
  Accounts
receivable
530 280  
  Inventory 680 395  
  Land 700 620  
  Building 800 800
     Less: Accumulated depreciation (200) (170)
  Equipment 2,950 2,690
     Less: Accumulated depreciation (334) (300)
  Patent 1,900 2,000
$ 7,516 $ 6,535  
  Liabilities
  Accounts
payable
$ 780 $ 630
  Accrued expenses
payable
240 215
  Lease
liability—land
150 0
  Shareholders’ Equity
  Common stock 2,640 2,500  
  Paid-in
capital—excess of par
600 545  
  Retained
earnings
3,106 2,645  
$ 7,516 $ 6,535
METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December 31, 2016
($ in 000s)
  Revenues
     Sales revenue $ 3,123
     Gain on sale of land 75   $ 3,198  
  Expenses
     Cost of goods sold $ 980
     Depreciation expense—building 30
     Depreciation expense—equipment 412
     Loss on sale of equipment 20
     Amortization of patent 100
     Operating expenses $ 600 2,142
  Net
income
$ 1,056
Additional
information from the accounting records:
a. During 2016, equipment with a
cost of $420,000 (90% depreciated) was sold.
b.

The statement of shareholders’ equity reveals reductions of
$195,000 and $400,000 for stock dividends and cash dividends,
respectively.

Question: Comparative balance sheets for 2016 and 2015 and a statement ofincome for 2016 are given below f...

Show transcribed image text …oo Verizon LTE 2:49 AM ezto.mheducation.com Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands. (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLLZEINDUSTRIE of Cash Flows For year ended December 31, 2016 (sin 000s) Adustments for noncash emects Changes inoperaeng assets and aabwes References eBook & Resources Financial Statements Learning objective: 21-04 Determine cash flows from indirect method Difficulty: 3 Hard Leaming objective: 21-08 Prepare a statement of cash flows with the aid of a spreadsheet or T-accounts. Check my work

…oo Verizon LTE 2:49 AM ezto.mheducation.com Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands. (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLLZEINDUSTRIE of Cash Flows For year ended December 31, 2016 (sin 000s) Adustments for noncash emects Changes inoperaeng assets and aabwes References eBook & Resources Financial Statements Learning objective: 21-04 Determine cash flows from indirect method Difficulty: 3 Hard Leaming objective: 21-08 Prepare a statement of cash flows with the aid of a spreadsheet or T-accounts. Check my work

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