STATEMENT OF CASH FLOWS [INDIRECT METHOD] | ||
Cash flows from operating activities: | ||
Net income | $ 163,020 | |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation | $ 46,100 | |
Loss on disposal of equipment | $ 1,500 | |
Unrealized gain on trading investments | $ (17,000) | |
Increase in estimated inventory returns [2900-2300] | $ (600) | |
Increase in accounts receivable [75500-41200] | $ (34,300) | |
Increase in inventory [120500-92350] | $ (28,150) | |
Decrease in prepaid expenses [27000-18600] | $ 8,400 | |
Increase in acccounts payable [96500-71000] | $ 25,500 | |
Increase in property tax payable [10200-6400] | $ 3,800 | |
Increase in refund liability [1200-900] | $ 300 | $ 5,550 |
Net cash from operating activities | $ 168,570 | |
Cash flows from investing activities: | ||
Purchase of equipment | $ (20,600) | |
Sale of old equipment | $ 1,100 | |
Net cash used by investing activities | $ (19,500) | |
Cash flows from financing activities: | ||
Repayment of bank loan [115250+30000-48000-70000+65400] | $ (92,650) | |
Issue of common shares | $ 42,000 | |
Common shares purchased and retired | $ (22,000) | |
Payment of dividends [163020+108000-246000] | $ (25,020) | |
Net cash used by financing activitites | $ (97,670) | |
Net increase in cash | $ 51,400 | |
Cash, January 1, 2021 | $ 47,000 | |
Cash, December 31, 2021 | $ 98,400 | |
Note: | ||
Non cash investing and financing activities: | ||
Equipment costing $86,000 was purchased for $20600 cash and $65,400 by long | ||
term bank loan. |
The statement of income and unclassified statement of financial position for Sheridan, Inc. follow: SHERIDAN, INC....
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