Homework Answers
Correct Answer:
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Medinet Industries INC. |
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Statement of Cash Flows (indirect Method) |
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For the Year ended December 31, Year 2 |
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A. Cash Flows from Operating Activity |
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Net Income |
$ 62,500.00 |
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Adjustments to reconcile net income to net cash flows from Operating Activities |
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Income statement items not affecting cash |
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Depreciation expense |
$ 66,244 |
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Profit on sale of Equipment |
$ (1,250) |
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Profit on sale of securities |
$ (5,625) |
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Changes In Current Operating Assets Liabilities |
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Increase in Accounts Receivable |
$ (14,690) |
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Increase in inventory |
$ (25,000) |
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Decrease in Accounts Payable |
$ (90,405) |
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Decrease in Notes payable |
$ (62,500) |
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Decrease in prepaid insurance |
$ 625 |
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Decrease in salaries Payable |
$ (5,620) |
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Net cash flow from Operating activities |
$(1,38,221.00) |
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$ (75,721.00) |
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B. Cash flows from Investing Activities |
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Sale of securities available for sale |
$ 92,500 |
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Sale of equipment |
$ 7,500 |
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Purchase Of Equipment |
$ (1,81,250) |
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Net Cash Used in Investing activities |
$ (81,250.00) |
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C. Cash Flows from Financing activities |
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Issue of bonds payable |
$ 2,50,000 |
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Dividends Paid |
$ (25,000) |
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Cash flows from Financing activities |
$ 2,25,000.00 |
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Net Increase (Decrease) in Cash [A+B+C] |
$ 68,029.00 |
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Cash at the beginning |
$ 28,690.00 |
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Cash at the end |
$ 96,719.00 |
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Working:
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Accumulated depreciation on equipment sold |
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Accumulated Depreciation beginning balance |
$ 7,15,000 |
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Add: Depreciation on the Equipment sold =( 25000 - 6250) |
$ (18,750.00) |
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Subtotal |
$ 6,96,250.00 |
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Less: Ending balance of Accumulated depreciation |
$ 7,62,500 |
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Depreciation for the year |
$ (66,244) |
End of answer.
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are presented below: MIKOS INC. Comparative Statements of Financial
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Short-term investments 63,700 34,300 Accounts receivable 73,500
30,400 Inventories, at cost 56,200 41,100 Prepaid expenses 5,100
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