Homework Answers
1) Statement of cash flow
| Cash flow from operating activities | ||
| Net income | 365000 | |
| Adjustment to reconcile net income to net cash provided by operating activities | ||
| Depreciation expense | 73000 | |
| Decrease account receivable | 15000 | |
| Decrease inventory | 10000 | |
| Increase prepaid Insurance | -2500 | |
| Decrease account payable | -7000 | |
| Decrease income tax payable | -600 | |
| 87900 | ||
| Net cash flow from operating activities | 452900 |
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eta TV EVRIES CUP 1. Annapolis Company reported net income of $365,000 for the current year....
The net income reported on the income statement for the current year was $334,100. Depreciation recorded...
The net income reported on the income statement for the current year was $334,100. Depreciation recorded on equipment and a building amounted to $101,710 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $90,280 $96,010 Accounts receivable (net) 111,780 118,690 Inventories 223,470 206,830 Prepaid expenses 12,870 14,850 Accounts payable (merchandise creditors) 96,330 103,900 Salaries payable 15,720 13,840 Required: A....
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The net income reported on an income statement for the current year was $63,000. Depreciation recorded...
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