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Mosaic Travel Services Inc.
Statement of Cashflow Operating Activities Section using Indirect Method
For the Year Ended December 31,2014
Particulars | Amount | Amount |
Operating Activities | ||
Net Income | 33,000 | |
Adjustments to reconcile Net Income to Cash Basis | ||
Add: Depreciation Expense | 7,000 | |
Add : Loss on Sale of Land | 3,400 | |
Add: Decrease in Accounts Receivables | 1,000 | |
Less: Increase in Inventory | 40,000 | |
Add : Decrease in Prepaid Insurance | 3,000 | |
Less : Decrease in Accounts Payables | 9,000 | |
Add : Increase in Wages Payables | 2,000 | |
Add : Increase in Income Taxes Payable | 3,000 | |
Add : Increase in Interest payable | 1,000 | |
Total Of Adjustments | -28,600 | |
Net Cash provided by Operating Activities | 4,400 |
Supporting Work
Loss on Sale of Land = Value of Land Sold - Sale Price of Land Sold
Loss on Sale of Land = 9,000 - 5,600 = $ 3,400
Depreciation for Year = Accumulated Depreciation 2014 - Accumulated Depreciation 2013
Depreciation for the Year = 15,000 - 8,000 = $ 7,000
Decrease in Accounts Receivables = 79,000 - 78,000 = $ 1,000
Increase in Inventory = 58,000 - 18,000 = $ 40,000
Decrease in Prepaid Insurance = 12,000 - 9,000 = $ 3,000
Decrease in Accounts Payables = 37,000 - 28,000 = $ 29,000
Increase in Wages Payables = 26,000 - 24,000 = $ 2,000
Increase in Income Taxes Payable = 7,000 - 4,000 = $ 3,000
Increase in Interest payable = 12,000 - 11,000 = $ 1,000
Rule for Changes in Current Assets and Liabilities for Cashflow Statement
Increase in Current Assets = Less
Decrease in Current Assets = Add
Increase in Current Assets = Add
Decrease in Current Liabilities = Less
Total Adjustments = Figures obtained from Addition and Subtraction of various Adjustments
Net cashflow provided by Operating Activities = Net Income + Total Adjustments
please enlarge the pictures to view Mogale Travel Services, Inc. Comparative Balance Bhosle December 31, 2014...
the
comparative balance sheet for Fair Isle travel services inc for
december 31, 2017 and 2016 is as follows
Fair isle services inc uses the indirect method for preparing
the statement of cash flows. prepare the operation section of the
statement of cash flow for 2017
Score: 0 of 4 pts 3 of 5 (3 complete) HW Score: 42.80 E13-12A (similar to) The comparative balance sheet for Fair Isle Travel Services, Inc. for December 31, 2017 and 2016, is as...
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The comparative balance sheet for Fair Isle Travel Services,
Inc., for December 31, 2017 and 2016
The following information is taken from the records of Fair Isle
Travel Services, Inc.:
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Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 $ Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets 45,000 $ 79.000 58.000 9,000 13,000 82.000 21.000 10,000 $ 191,000 $ 126,000 Print Print | Done Done C HCEL Land Equipment $ 109,000 $ 118,000 78,000 57.000 (22,000) (16,000) $ 356,000 $ 285,000 Etiv Less: Accumulated depreciation cer Total assets Liabilities Current liabilities Accounts payable Wages payable Interest payable $...