Homework Answers
| METRO COMPANY | |||
| Statement of Cash Flows | |||
| As of December 31, 2011 | |||
| Cash flows from operating activities | |||
| Net Income | $ 28,000 | ||
| Adjustments to reconcile net income: | |||
| Depreciation expense | $ 12,000 | ||
| Decrease in accounts receivable | $ 8,000 | ||
| Increase in Inventory | $ (10,000) | ||
| Decrease in accounts payable | $ (8,000) | ||
| Increase in income tax payable | $ 5,000 | ||
| $ 7,000 | |||
| Net cash provided by operating activities | $ 35,000 | ||
| Cash flows from investing activities | |||
| Cash received from sale of plant assets | $ 12,000 | ||
| Net cash provided by investing activities | $ 12,000 | ||
| Cash flows from financing activities | |||
| Repayment of bonds | $ (26,000) | ||
| Cash received from issuance of common stock | $ 17,000 | ||
| Dividends paid | $ (20,000) | 46000-38000-28000 | |
| Net cash used by financing activities | $ (29,000) | ||
| Net increase in cash and cash equivalents | $ 18,000 | ||
| Cash and cash equivalents at beginning of period | $ 23,000 | ||
| Cash and cash equivalents at end of period | $ 41,000 | ||
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