Homework Answers
| Ans. | Waterway Photography | |||
| Statement of Cash Flows | ||||
| For the Year ended December 2017 | ||||
| Particulars | Amount | Amount | ||
| Cash flow from operating activities: | ||||
| Net income | $174,600 | |||
| Adjustments to reconcile Net income to Net cash | ||||
| provided by (used for) Operating Activities: | ||||
| Add: Depreciation expenses | $11,000 | |||
| Add: Patent amortization expense | $6,984 | |||
| Less: Gain on disposal of plant assets | -$6,286 | |||
| Add: Decrease in accounts receivable | $10,476 | |||
| Add: Increase in accounts payable | $5,587 | $27,761 | ||
| Net cash Provided by Operating Activities | $202,361 | |||
| *Explanations: | ||||
| *Non cash & Non operating expenses are added to Net income. | ||||
| *Non cash & Non operating income are deducted from Net income. | ||||
| *Decrease in current liabilities and Increase in current assets other than cash are added to Net Income. | ||||
| *Increase in current liabilities and Decrease in current assets other than cash are added to Net Income. | ||||
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Waterway Photography reported net income of $174,600 for 2017. Included in the income statement were depreciation...
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Gutierrez also reported depreciation expense of $46,800 and a loss
of $5,900 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $19,800 for the year, a
$21,800 increase in accounts payable, and a $3,400 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
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Gutierrez also reported depreciation expense of $46,700 and a loss
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shows an decrease in accounts receivable of $12,500 for the year, a
$14,500 increase in accounts payable, and a $4,600 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
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Gutierrez Company reported net income of $194,300 for 2017.
Gutierrez also reported depreciation expense of $46,800 and a loss
of $5,900 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $19,800 for the year, a
$21,800 increase in accounts payable, and a $3,400 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
Exercise 13-4 Gutierrez Company reported net income of $194,700 for 2017. Gutierrez also reported depreciation expense of $47,700 and a loss of $4,900 on disposal of equipment. The comparative balance sheet shows an decrease in accounts receivable of $19,900 for the year, a $21,900 increase in accounts payable, and a $3,200 decrease in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either...
Gutierrez Company reported net income of $190,100 for 2017.
Gutierrez also reported depreciation expense of $46,700 and a loss
of $4,600 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $12,500 for the year, a
$14,500 increase in accounts payable, and a $4,600 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
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