Question

Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016. was reported by Nice Bite, Inc. $ 45,000 22,89 103. See 102.899 180,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 136,700 10,100 29,500 17, 208 23,600 7,000 14,300 6.30 35,790 137,800 25,199 8. eae Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 21,00 23, see 11.09 41,000 83,288 137,000 PA1-3 Part 4 4. Prepare a statement of cash flows for 2016. (Cash outflows should be entered as negative amounts.)

Answer 1

$ 137,000 (83,200) (11,000) S $ 94.200) 42,800 Nice Bite, Inc. Statement of Cash Flows For the Year Ended December 31, 2016. Cash flow from Operating Activities Receipts : Cash Received from Customers Payments: Cash paid to suppliers and employees $ Cash paid for Income taxes $ Net Cash Provided by Operating Activities Cash Flow from Investing Activities Cash paid to purchase Long-term assets S Net Cash used by Investing Activities Cash Flow from Financing Activities Cash from issuing of Common stock $ cash paid to reacquire common stock S Net Cash Provided by Financing Activities Net Decrease in Cash Cash balance, January 1, 2016 Cash balance. December 31, 2016 (41,000) $ (41,000) 21,000 (23,500) S S $ $ (2,500) (700) 103,500 102.800