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Joyner Companys income statement for Year 2 follows: $ 700,000 329,000 371,000 216,000 155,000 Sales Cost of goods sold Gros​​​​​​Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year i $ 60, 700 264,000 319,000 10,500 654,200Required: 1. Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. 2. PrepareRequired 1 Required 2 Required 3 Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflowsComplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the free cash flo

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Answer #1

Answer-1)-

JOYNER COMPANY
STATEMENT OF CASH FLOWS PARTIAL (USING INDIRECT METHOD)
FOR THE YEAR 2
Particulars Amount
$  
Cash flow from operating activities
Net Income 113400
Adjustments to reconcile net income to net cash provided by operating activities
Adjustment for non cash effects
Depreciation ($166900+$11700-$130700) 47900
Gain on sale of equipment -7000
Change in operating assets & liabilities
Increase in accounts receivable -119000
Increase in inventories -42000
Decrease in prepaid expenses 10500
Increase in accounts payable 46000
Decrease in accrued liabilities -15000
Increase in income taxes payable 5000
Net cash flow from operating activities 39800

2)-

JOYNER COMPANY
STATEMENT OF CASH FLOWS (USING INDIRECT METHOD)
FOR THE YEAR 2
Particulars Amount
$  
Cash flow from operating activities (a) 39800
Cash Flow from Investing activities
New equipment purchased ($627000+$30300-$514000) -143300
Old equipment sold 25600
Net cash Flow from Investing activities (b) -117700
Cash Flow from Financing activities
Loan to Hymans company -42000
Issued common stock 56000
Cash dividends paid ($94000+$113400-$172800) -34600
Bonds issued 85000
Net cash Flow from Financing activities (c) 64400
Net Change in cash c=a+b+c -13500
Beginning cash balance 74200
Closing cash balance 60700

Answer-3)- Free cash flow = Net cash provided by operating activities- Capital expenditure-Cash dividends paid

= $39800-$143300-$34600

= ($138100)

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