Homework Answers
1.
| Cash flows from operating activities | ||
| Net Income | $ 93,000 | |
| Adjustments to reconcile net income to ; | ||
| Depreciation expense | $ 44,000 | |
| Gain on sale of building | $ (59,000) | |
| Increase in accounts receivable | $ (126,000) | |
| Decrease in inventory | $ 30,000 | |
| Decrease in accounts payable | $ (47,000) | |
| $ (158,000) | ||
| Net cash provided (used) by operating activities | $ (65,000) |
2.
| Cash flows from operating activities | ||
| Net Income | $ 47,000 | |
| Adjustments to reconcile net income to ; | ||
| Depreciation expense | $ 33,000 | |
| Increase in accounts receivable | $ (18,000) | |
| Decrease in inventory | $ 4,500 | |
| Increase in prepaid expense | $ (13,500) | |
| Increase in accounts payable | $ 17,500 | |
| Decrease in accrued liabilities | $ (9,000) | |
| Increase in income tax payable | $ 3,600 | |
| $ 18,100 | ||
| Net cash provided (used) by operating activities | $ 65,100 |
3.
| Cash flows from operating activities | ||
| Net Income | $ 4,600 | |
| Adjustments to reconcile net income to ; | ||
| Depreciation expense | $ 36,000 | |
| Decrease in accounts receivable | $ 3,200 | |
| Decrease in inventory | $ 3,200 | |
| Decrease in accounts payable | $ (2,200) | |
| Decrease in accrued liabilities | $ (6,200) | |
| Increase in income tax payable | $ 8,400 | |
| $ 42,400 | ||
| Net cash provided (used) by operating activities | $ 47,000 |
| Cash paid to retire bonds | $ (10,000) |
| Cash received from issuance of common stock | $ 7,000 |
| Cash dividends paid | $ (6,000) |
| Net cash used by financing activities | $ (9,000) |
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2.
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2.
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2.
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2.
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