Answer:
Elco lighting company |
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Statement of cash flow |
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For the year ended December 2018 |
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Amount $ |
Amount $ |
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Cash flow from Operating activity: |
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Net income |
326600 |
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Add Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
68400 |
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Gain on Sale of equipment |
-60000 |
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Increase in Accounts receivable(609600-704400) |
-94800 |
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Increase in Inventory (865800-918600) |
-52800 |
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Decrease in prepaid expanses (26400-18600) |
7800 |
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Decrease in Accounts Payable(594000-631200) |
-37200 |
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Increase in Taxes Payable(26400-21600) |
4800 |
-163800 |
Net Cash provided by Operating Activities |
162800 |
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Cash Flows from Investing Activities |
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Sale of Land |
456000 |
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Purchase of building |
-990000 |
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Purchase of investment |
-196800 |
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Net cash used for Investing Activities |
-730800 |
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Cash Flows from Financing Activities |
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Issue of Common Stock (14,000x20) |
280000 |
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Issue of Notes payable |
330000 |
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Payment of Dividend |
-79200 |
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Net cash used for Financing Activities |
530800 |
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Net Increase in Cash & its equivalents |
-37200 |
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Add : Opening Balance of Cash & Marketable Securities |
337800 |
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Closing Balance of Cash & marketable Securities |
300600 |
Statement of Cash Flows Selected Balance Sheet amounts of Elco Lighting for the years ended 2017...
1. Prepare the statement of cash flows for the
year ended December 31, 2017, using the indirect method.
(Amounts to be deducted should be
indicated by a minus sign.)
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Statement of cash flow / indirect method
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