![Exercise 4-20 Statement of cash flows; indirect method [LO4-8] Presented below is the 2018 income statement and comparative b](http://img.homeworklib.com/questions/3fd9f340-1cc9-11ec-9bba-07bdf73dc5da.png?x-oss-process=image/resize,w_560)
Homework Answers
| Tiger Enterprises | |||||
| Cashflow Statement - Indirect method | Calculation | ||||
| For the Year Ended December 31, 2018 | |||||
| ($ in thousands) | |||||
| Cash flows from Operating Activities | |||||
| Net income | 2,460 | ||||
| Adjustments for noncash effects | |||||
| Depreciation expense | 350 | ||||
| Changes in operating assets and liabilities | |||||
| Decrease in Accounts Receivable | 135 | =940-805 | Decrease in current asset increases cash | ||
| Increase in Inventory | (95) | =710-805 | Increase in current asset decreases cash | ||
| Increase in Prepaid Insurance | (85) | =75-160 | |||
| Decrease in Accounts Payable | (115) | =355-470 | Decrease in current liabilities decreases cash | ||
| Decrease in Payables for administrative and other expenses | (155) | =355-510 | |||
| Increase in Income taxes Payable | 10 | 45 | =270-260 | Increase in current liabilities increases cash | |
| Net Cash Provided/(Used) by Operating Activities | 2,505 | ||||
| Cash flows from Investing Activities | |||||
| Purchase of Plant & Equipment | (850) | =2,350-3,200 | |||
| Net Cash Provided/(Used) by Investing Activities | (850) | ||||
| Cash flows from Financing Activities | |||||
| Proceeds from issuance of common stock | 90 | =1,000-910 | |||
| Proceeds from Notes payable | 340 | =1,240-900 | |||
| Payment of Dividends | (1,875) | =1,210-625-2,460 | Clsg RE - Opening RE - Net Income | ||
| Net Cash Provided/(Used) by Financing Activities | (1,445) | ||||
| Net Increase in Cash | 210 | ||||
| Cash, January 1 | 310 | ||||
| Cash, December 31 | 520 |
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6.
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6.
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. Some elements necessary to complete the schedule are missing. Required: Complete the schedule by determining each of the following missing elements: (Amounts to be deducted should be indicated with a minus sign.) Income Statement $ Sales Gain on sale of equipment Cash flows from Operating Activities Indirect Method Direct Method Net income Adjustments: 355 Decrease in accounts receivable...
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