Homework Answers
1) Statement showing Net cash provided by/used by Operating Activities
| Net Income | 65 |
| Adjsutments to reconcile net income to net cash provided by/used by operating activities:- | |
| Add: Depreciation Exp. [Acc. Dep. Bal 2011-(Acc. Dep. Bal. 2010-Acc Dep. on Equipment sold)] ($82-$68+$10) | 24 |
| Less: Gain on sale of investments | -7 |
| Add: Loss on sale of equipment | 5 |
| Less: Increase in Accounts Receivable ($344-$255) | -89 |
| Add: Decrease in Inventory ($235-$184) | 51 |
| Less: Increase in Prepaid Expenses ($34-$32) | -2 |
| Add: Increase in Accounts Payable ($314-$238) | 76 |
| Less: Decrease in Accrued Liabilities ($93-$83) | -10 |
| Add: Increase in Income taxes payable ($84-$75) | 9 |
| Net Cash provided by/used by Operating Activities | 122 |
Therefore the net cash provided by operating activities is $122.
2) Groton Company
Statement of Cash Flows-Indirect Method
For the year ended December 31, 2016 (Amounts in $)
| Operating Activities: | ||
| Net cash provided by Operating Activities (A) | 122 | |
| Investing Activities: | ||
| Sale of Equipment | 26 | |
| Sale of Investments | 13 | |
| Purchase of Equipment (PPE Bal. 2011-PPE Bal. 2010+Cost of Equipment Sold) ($535-$456+$41) | -120 | |
| Net Cash used in Investing Activities (B) | -81 | |
| Financing Activities: | ||
| Issue of Bonds Payable ($224-$198) | 26 | |
| Repurchase of Common Stock | -39 | |
| Cash Dividends (Retained Earnings Bal. 2010+Net Income-Retained Earning Bal. 2011) ($143+$65-$169) | -39 | |
| Net Cash used in Financing Activities (C) | -52 | |
| Net Increase or Decrease in Cash (A+B+C) | -11 | |
| Cash Balance, January 1, 2011 | 19 | |
| Cash Balance, December 31, 2011 | 8 |
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help A comparative balance sheet and an income statement for Burgess Company are given below. Burgess...
help
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