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Use the balance sheet and income statement on the backside of this page to calculate cash flows for operating, investing, and
ACCT2020-03 Spring 2020 2018 Comparative Balance Sheet 2019 Assets Current assets: Cash $1,037 Accounts receivable 12,070 Inv
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Answer #1
Cash flow statement using Direct method:
Cash flows from operating activities:
Inflow Outflow
Cash receipts from customers 30940
Cash paid for inventory 15181
Cash paid for selling and administrative expenses 8619
Payment of Income tax 1105
Depreciation 1615
Payment of expenses in advance 170
Cash flows from Investing activities:
Cash received on sale of equipment 1190
Purchase of equipment 11900
Sale proceeds of long term investments 1870
Loans given to subsidiaries 748
Cash flows from financing activities
Cash paid for dividends 1275
Repayment of bonds 5950
Issue of bonds 9690
45305 44948
Net cash flows for the year 357
Add: Opening cash 680
Closing cash balance 1037
Cash flow statement using Indirect method:
Cash flows from operating activities:
Net Income for the year 2890
Depreciation during the year 1615
Increase in current assets 2941
Increase in current liabilities 5066
Cash flows from Investing activities:
Increase in fixed assets 10370
Decrease in investments 850
Decrease in fixed assets
Increase in investments 748
Cash flows from financing activities
Cash flows from financing activities
Increase in common stock 1530
Cash paid for dividends 1275
Repayment of bonds 5950
Issue of bonds 9690
21641 21284
Net cash flows for the year 357
Add: Opening cash 680
Closing cash balance 1037
Net cash flows from operating activities 6630
Cash flows from Investing activities: -10268
Cash flows from financing activities 3995
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