MOSS COMPANY Selected Balance Sheet Information December 31, 2017 and 2016 2017

Question

MOSS COMPANY Selected Balance Sheet Information December 31, 2017 and 2016 2017 2016 Current assets Cash Accounts receivable Inventory $91,650 $33,800 46,000 55,500 32,000 67,000 Current liabilities Accounts payable Income taxes payable 44,400 2,750 32,700 3,600 MOSS COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $554,000 359,608 194,400 Depreciation expense $50,000 Other expenses Income before taxes Income taxes expense Net income -129,000 179,000 15,400 8,800 $ 6,600

Explanation / Answer

Cash flow from operating activities :

Cash flow from operating activities Net income 6600 Adjustments to reconcile net income to operating cash flow Depreciation expense 50000 Decrease account receivable 14000 Increase inventory -11500 Increase account payable 11700 Decrease income tax payable -850 63350 Net cash flow from operating activities 69950

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