Chekov Corporation's balance sheet at the end of 2009 included the following items.

Current assets $235,000 Current liabilities $150,000
Land 30,000 Bonds payable 100,000
Building 120,000 Common stock 180,000
Equipment 90,000 Retained earnings 44,000
Accum. depr.—building (30,000) Total $474,000
Accum. depr.—equipment (11,000)
Patents 40,000
Total $474,000

The following information is available for 2010.

1. Net income was $55,000.
2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $9,000.
3. Depreciation expense was $4,000 on the building and $9,000 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000.
6. An addition to the building was completed at a cost of $27,000.
7. A long-term investment in stock was purchased for $16,000.
8. Bonds payable of $50,000 were issued.
9. Cash dividends of $25,000 were declared and paid.
10. Treasury stock was purchased at a cost of $11,000.
Instructions
(Show only totals for current assets and current liabilities.)
(a) Prepare a statement of cash flows for 2010.
(b) Prepare a balance sheet at December 31, 2010.

Statement of cash flows and blance sheet for chekov corportation is given below for the year 2010.

Explanation:

                                                CHEKOV CORPORATION

                                                 Statement of Cash Flows

                                        For the Year Ended December 31, 2010

Cash flows from operating activities    

Net income                                                                                  $ 55000  

Adjustments to reconcile net income

to net cash provided    

by operating activities:    

Depreciation expense                                              $ 13000    

Increase in current liabilities                                            13000    

Loss on sale of equipment                                            3000    

Patent amortization                                                      2500    

Increase in current assets                                           -25000    6500  

Net cash provided by operating activities                                    61500  

Cash flows from investing activities    

       Sale of equipment                                                    9000    

       Addition to building                                          -27000    

       Investment in debt securities                           -16000    

       Net cash used by investing activities                                    -34000  

Cash flows from financing activities    

     Issuance of bonds                                                   50000    

     Payment of dividends                                           -25000    

     Purchase of treasury shares                                    -11000    

     Net cash provided by financing activities                          14000  

Net increase in cash                                                                  $ 41500

                                                CHEKOV CORPORATION

                                            Statement of Financial Position

                                                   December 31, 2010

                                                              Assets

Non-current assets      

Long-term investments      

      Long-term investments                                                           $ 16000

Property, plant, and equipment

     Land                                                                       $ 30000    

     Building                                               $ 147000      

           Less: Accum. depr.-building          34000        113000    

     Equipment                                                70000      

           Less: Accum. depr.-equipment          12000        58000    

     Total property, plant, and equipment                                  201000  

Intangible assets      

     Patents                                                                                37500  

     Total non-current assets                                                          254500  

Current assets                                                                      301500    

           Total assets                                                           $ 556000  

                                                Equity and Liabilities  

Equity      

     Share capital-ordinary                                        $ 180000    

     Retained earnings                                                74000    

     Treasury shares                                                11000    

           Total shareholders' equity                                              $ 243000  

Non-current liabilities      

     Bonds payable                                                        150000    

Current liabilities                                                  163000    

           Total liabilities                                                                  313000

                 Total equity and liabilities                                    $ 556000

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