Exercise 23-16 me balance shcct data of Culver Company at the cnd cr 2017 2nd 20
ID: 2530214 • Letter: E
Question
Exercise 23-16 me balance shcct data of Culver Company at the cnd cr 2017 2nd 2016 are show? be cw. 54,900 65,A00 14,900 89,400 45,400 44,600 25,200 74,800 Prepaid cxpenecs 70,200 39,600 307 220 $255,800 Acccunts payable Accrued expenses Nae pa ank, long tarm Bonds payable Common stock, $10 par Retained earnings 64,900 14,900 $52,500 17,8U0 23,300 30,000 190,500 ,820 3,200 307,220$55,an0 Lend was ec urec ur?30 600 n excher ge or ommon stok per 30 60 durin he year; ull equipment pur esed was or cash. Equipr ent co, n s13 000 es Compute net cash provided (used) y: (Show amounts that decrease cash fow with eithera -sign e.g.-12,000 or in parenthesis e.g. (12,000)) (a) Net Cash (b)Nct Cash (c) Net Cash u or $3 000i book velue of he equipment was 6 000 Cash dvider sof?10 000 were dece ed ?nd paid duri ly the year by operating activzies. by Invcsing acvi by financing acivities.Explanation / Answer
Therefore:
a) Net cash Provided by operating activities = $23,000
b) Net cash used by investing activities = ($24,600)
c) Net Cash used by financing activities = ($3,300)
Cash flow Statement - Culver CompanyFor the year ended December 31, 2017 Particulars Details Amount Cash Flow from Operating Activities: Net Income ($6,820 + $10,000 - $3,200) $13,620.00 Adjustments to reconcile net income to cash flow from operating activities: Depreciation ($17,880 - $8,000 + $7,000) $16,880.00 Loss on sale of equipment ($6,000 - $3,000) $3,000.00 Increase in Accounts Receivables ($54,900 - $45,400) -$9,500.00 Increase in Inventory ($65,400 - $44,600) -$20,800.00 Decrease in Prepaid Expense ($25,200 - $14,900) $10,300.00 Increase in Accounts Payable ($64,900 - $52,500) $12,400.00 Decrease in Accrued Expenses ($17,800 - $14,900) -$2,900.00 Total Adjustments $9,380.00 Net Cash Flow From Operating Activites (A) $23,000.00 Cash Flow from Investing Activities: Sale of Equipment $3,000.00 Purchase of equipment ($89,400 + $13,000 - $74,800) -$27,600.00 Net Cash Flow From Investing Activites (B) -$24,600.00 Cash Flow from Financing Activities: Repayment of note payable -$23,300.00 Dividends Paid -$10,000.00 Proceed from issue of bond $30,000.00 Net Cash Flow From Financing Activites (C) -$3,300.00 Total Cash flow from all activities (A+B+C) -$4,900.00 Cash at the beginning of the year $35,200.00 Cash at the end of year 2013 $30,300.00
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