Homework Answers
| Breakwater Boats | ||
| Cash flow Statement | ||
| For the Year ended December 31,2014 | ||
| Cash Flow from Operating Activities: | ||
| Net Income | $ 90,870.00 | |
| Add: Depreciation Expense | $ 1,700.00 | |
| Deduct: Gain on sale of land | $ (6,000.00) | |
| Change in Current assets and Current liabilities | ||
| Increase in accounts receivable | $ (7,300.00) | |
| Increase in inventory | $ (81,300.00) | |
| Increase in accounts payable | $ 6,900.00 | |
| Change in cash due to operations | $ 4,870.00 | |
| cash flow from investing activities | ||
| Sale of land | $ 50,000.00 | |
| Change in cash due to Investing | $ 50,000.00 | |
| Cash flows from Financing activities | ||
| Payment of bank loan | $ (8,500.00) | |
| Payment of Cash Dividend | $ (35,000.00) | |
| Change in cash due to Financing | $ (43,500.00) | |
| Net increase (Decrease) in cash | $ 11,370.00 | |
| Add: Beginning cash Balance | $ 62,500.00 | |
| Ending Cash Balance | $ 73,870.00 | |
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Breakwater Boats sells boating accessories. At the end of 2014, the income statement and comparative balance...
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