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Facetime Corp. | Workings | Amount $ | ||
Cashflow statement as on 31.12.2017 | Increase in Accounts Receivable | |||
Indirect Method | Amount $ | Amount $ | Closing Balance (net) | 189,000.00 |
Particulars | Less: Opening Balance (net) | 175,000.00 | ||
Income before income taxes | 140,000.00 | Increase in Accounts Receivable | 14,000.00 | |
Adjustment to reconcile Net Income to Net Cash | ||||
Add: | Increase in Prepaid Expenses | |||
Amortization Expense | 100,000.00 | Closing Balance | 30,000.00 | |
Write down of Goodwill | 10,000.00 | Less: Opening Balance | 23,000.00 | |
Less: | Increase in Prepaid Expenses | 7,000.00 | ||
Income Tax paid | 39,000.00 | |||
Cash flow from Operations | 211,000.00 | Decrease in Merchandise Inventory | ||
Changes in Current Assets/Current Liabilities | Closing Balance | 280,000.00 | ||
Increase in Accounts Receivable | (14,000.00) | Less: Opening Balance | 610,000.00 | |
Increase in Prepaid Expenses | (7,000.00) | Decrease in Merchandise Inventory | (330,000.00) | |
Decrease in Merchandise Inventory | 330,000.00 | |||
Money market fund sold | 40,000.00 | Increase in Accounts Payable | ||
Increase in Accounts Payable | 56,000.00 | Closing Balance | 176,000.00 | |
Increase in Salaries Payable | 10,000.00 | 415,000.00 | Less: Opening Balance | 120,000.00 |
Net cash provided by (Used for) operating activities | 626,000.00 | Increase in Accounts Payable | 56,000.00 | |
Cash flow from investing activities | Increase in Salaries Payable | |||
Equipment sold | 370,000.00 | Closing Balance | 110,000.00 | |
Equipment Purchased | (574,000.00) | Less: Opening Balance | 100,000.00 | |
Net cash provided by (Used for) investing activities | (204,000.00) | Increase in Salaries Payable | 10,000.00 | |
Cash flow from financing activities | Equipment sold | |||
Loans Paid | (50,000.00) | Cost | 430,000.00 | |
Preference Shares issued | 100,000.00 | Less: amortized | 60,000.00 | |
Dividend paid- Common Stock | (250,000.00) | Book Value | 370,000.00 | |
Dividend paid- Preferred Stock | (230,000.00) | Equipment is sold at Book Value. | ||
Net cash provided by (Used for) financing activities | (430,000.00) | |||
Loans Paid | ||||
Net Increase/(Decrease) in cash | (8,000.00) | Closing Balance | 350,000.00 | |
Cash Balance, Jan 1, 2017 | 18,000.00 | Less: Opening Balance | 400,000.00 | |
Cash Balance, Dec 31, 2017 | 10,000.00 | Loans Paid | (50,000.00) | |
Answer 2 | Preference Shares issued | |||
No the company’s cash position did not improve. The net decrease in cash in $ 8,000. | No. of Preference Shares | 20,000.00 | ||
Company even sold its Money market fund in 2017. | Value per share | 5.00 | ||
Preference Shares issued | 100,000.00 | |||
Problem 17-8A The financial statements for Facetime Corp. for the year ended December 31, 2017, are...
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