Question

Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet...

Carr Corporation's comparative balance sheet and income statement for last year appear below:

Comparative Balance Sheet
Ending Balance Beginning Balance
Cash and cash equivalents $ 3,090 $ 23,920
Accounts receivable 87,200 72,420
Inventory 41,700 49,350
Prepaid expenses 9,720 16,500
Long-term investments 254,400 212,000
Property, plant, and equipment 525,300 513,600
Less accumulated depreciation 326,400 303,850
Total assets $ 595,010 $ 583,940
Accounts payable $ 9,270 $ 26,750
Accrued liabilities 25,200 17,510
Income taxes payable 51,900 50,140
Bonds payable 171,200 220,000
Common stock 163,000 140,000
Retained earnings 174,440 129,540
Total liabilities and stockholders' equity $ 595,010 $ 583,940
Income Statement
Sales $ 875,500
Cost of goods sold 472,500
Gross margin 403,000
Selling and administrative expense 283,500
Net operating income 119,500
Income taxes 40,200
Net income $ 79,300

The company declared and paid $34,400 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year.

Required:

Prepare the operating activities section of the company's statement of cash flows for the year using the direct method. (Enter all amounts as positive values except for adjustments to cash basis that are deducted.)

Business   Accounting   
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Answer #1

Prepare the operating activities section of the company's statement of cash flows for the year using the direct method. (Enter all amounts as positive values except for adjustments to cash basis that are deducted.)

Cash received from customer (875500-14780) 860720
Cash paid to supplier (472500-7650+17480) -482330
Cash paid for expense (283500-22550-6780-7690) -246480
Cash paid for income tax (40200-1760) -38440
Net cash flow from operating activities 93470
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