Homework Answers
| Statement of Cash Flows | ||
| I. Cash flow from Operating Activities | ||
| Net income | 55,000 | |
| Depreciation on equipment | 2,000 | |
| Decrease in current liabilities | -20,000 | |
| Accounts receivable decrease | -27,000 | |
| Net cash flow from Operating Activities | 10,000 | |
| II. Cash flow from Investing Activities | ||
| Cash receipt from sale of land | 27,000 | |
| Cash purchase of equipment | -44,000 | |
| Net cash used in Investing Activities | -17,000 | |
| III. Cash flow from Financing Activities | ||
| Cash payment of dividends | -5,800 | |
| Cash receipt from issuance of common stock | 17,000 | |
| Net cash provided by Financing Activities | 11,200 | |
| Net increase in Cash and Cash Equivalents(I +II +III) | 4,200 | |
| Add: Cash in the beginning of the period | 48,000 | |
| Cash at the end of the period | 52,200 | |
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)
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32,800
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Following are a statement of cash flows (indirect method) for
Harris, Inc., for the year ended December 31, 2017, and the firm’s
balance sheet at December 31, 2016:
HARRIS, INC.
Statement of Cash Flows
For the year Ended December 31, 2017
Cash Flows from Operating Activities:
Net income
$
13,600
Add (deduct) items not affecting cash:
Depreciation expense
32,000
Increase in accounts receivable
(7,000
)
Decrease in merchandise inventory
32,800
Increase in accounts payable
4,900
Net cash provided by operating...
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