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 $93,650 34,000 69,000 $35,800 50,000 55,900 Current liabilities Accounts payable Income taxes payable 48,400 2,950 34,700 4,000 MOSS COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $574,000 367,600 206,400 $ 54,000 131,000 Depreciation expense Other expenses Income before taxes Income taxes expense Net income 185,000 21,400 11,800 $9,600

Explanation / Answer

Partial statement of cash flows For the year ended December 31,2017 Cash flows from operating activities: Net income 9600 Adjustments to recocile net income to operating cash flow: Net cash provided by operating activities Depreciation expense 54000 Accounts Receivable Decrease 16000 Inventory increase -13100 Accounts Payable Increase 13700 Income taxes payable decrease -1050 69550 Net cash provided by operating activities 79150

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