Brice Corporation reported the following information: 2010 Income Statement: Sal

Question

Brice Corporation reported the following information: 2010 Income Statement: Sales Revenue Cost of goods sold Gross profit Operating expenses (includes $200,000 depreciation expensc) Pretax income Income tax expense (30% rate) Net Income 8.200,000 6.400,000 1,800,000 250.000 550,000 165.000 $ 385.000 Balance Sheet Accounts receivable Inventor Prepaid expenses Accounts pavable Accrued liabilities Income taxes payable Unearned revenue 2010 800,000 520,000 110.000 340,000 80,000 25,000 00.000 2009 600,000 480,000 120,000 310,000 90,000 40,000 200,000

Explanation / Answer

Cash Flows from Operating Activities Net Income 385000 Depreciation Expense 1250000 Gain on Sale of Equipment Increase in Accounts Receivable 200000 Increase in Prepaid Exp 10000 Decrease in Prepaid Insurance Increase in Accounts Payable 30,000 Increase in Wages Payable Decrease in Income Tax Payable 15000 Net Cash Flow from Operating Activities $1,875,000

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