Listed below are the comparative balance sheets for the current year (20X2) and for the prior...

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Listed below are the comparative balance sheets for the current year (20X2) and for the prior year (20x1) of Johnson Corporat

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Answer 1

Answer #1

Statement of cash flows (PARTIAL)

Particulars	$	$
Cash flow from Operating Activities
Net income	98,000
Add: Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense	27,000
Loss on sale of investment	- 40,000
Changes in current operating assets and liabilities:
Accounts receivable increase	- 18,000
Inventory decrease	12,000
Prepaid expense decrease	5,000
Accounts payable decrease	- 14,000
Salaries payable increase	17,000
Taxes payable decrease	- 3,000
Net cash flows from Operating Activities		$84,000

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