The following balance sheet (BS) and income statement (IS) are available for Little Bit Inc. Prepare a statement of cash flows (CF) for 2018:
Cash Flow Statement | ||
Particulars | Amount | Amount |
Cash Flow from operating activities: | ||
Income before tax | $ 6,300.00 | |
Adjustments to reconcile net income to: | ||
Income statement items not affecting cash | ||
Depreciation Expense | $ 18,000.00 | |
Changes in current operating assets and liabilities | ||
Increase in Accounts Receivable | $ (6,500.00) | |
Decrease in Inventory | $ (8,500.00) | |
Increase in Prepaid Expenses | $ (4,000.00) | |
Increase in Accounts Payable | $ 2,000.00 | |
Decrease in Accrued Liabilities | $ (16,000.00) | |
Increase in Deferred Tax Payable | $ 500.00 | |
Net Cash Generated | $ (14,500.00) | |
Income Tax Paid | $ (800.00) | |
Net cash provided by operating activities | (A) | $ (9,000.00) |
Cash Flows from Investing Activities | ||
Purchase of Equipment | $ (6,000.00) | |
Purchase of Investment | $ (1,000.00) | |
Net cash provided by Investing activities | (B) | $ (7,000.00) |
Cash Flows from Financing Activities | ||
Issue of common stock | $ 15,000.00 | |
Increase in Long-term Debt | $ 17,000.00 | |
Net cash provided by Financing activities | (C') | $ 32,000.00 |
Net increase/decrease in cash | (A+B+C) | $ 16,000.00 |
Add:Opening cash balance | $ 24,000.00 | |
Closing cash balance | $ 40,000.00 |
The following balance sheet (BS) and income statement (IS) are available for Little Bit Inc. Prepare...
The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2018. TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 Revenue: Net sales $ 2,850,000 Dividend income 104,000 Interest income 70,000 Gain on sales of marketable securities 4,000 Total revenue and gains $ 3,028,000 Costs and expenses: Cost of goods sold $ 1,550,000 Operating expenses 980,000 Interest expense 185,000 Income tax expense 90,000 Total costs and expenses 2,805,000 Net income...