Homework Answers
Answer:-
| Statement of Cash Flow (Using Indirect Method) | ||
| For the year ended December 31 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from opreating activities | ||
| Net Income | 19536 | |
| Adjustments to reconcile net income to net cash provided by opreating activities | ||
| Adjustment for non cash effects | ||
| Loss on sale of land | 90 | |
| Depreciation | 3220 | |
| Gain on sale of equipment | -650 | |
| Change in opreating assets & liabilities | ||
| Increase in accounts receiveble | -832 | |
| Increase in inventory | -398 | |
| Decrease in accounts payable | -1600 | |
| Net cash flow from opreating activities (a) | 19366 | |
| Cash Flow from Financing activities | ||
| Cash dividend paid | -9768 | |
| Long term debt paid | -3900 | |
| Net cash Flow from Financing activities (b) | -13668 | |
| Cash Flow from Investing activities | ||
| Sale of equipment | 18549 | |
| Sale of land | 4400 | |
| Purchase of equipment | -6530 | |
| Net cash Flow from Investing activities (c) | 16419 | |
| Net Channge in cash c=a+b+c | 22117 | |
| Beginning cash balance | 2731 | |
| Closing cash balance | 24848 | |
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The comparative balance sheets and income statements for Gypsy
Company follow.
Additional Data
1. During Year...
Year 1 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As...
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