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Question 2

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PK Photography reported net income of $100,000 for 2017. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $4,000, and a gain on disposal of plant assets of $3,600. PK Photography's comparative balance sheets show the following balances.

		12/31/17		12/31/16
Accounts receivable		$21,000		$27,000
Accounts payable		9,200		6,000

Calculate net cash provided (used) by operating activities for PK Photography. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

PK Photography Statement of Cash Flows                                                           December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash
Decrease in Accounts PayableDecrease in Accounts ReceivableDepreciation ExpenseGain on Disposal of Plant AssetsIncrease in Accounts PayableIncrease in Accounts ReceivableLoss on Disposal of Plant AssetsNet IncomePatent Amortization Expense		$
Adjustments to reconcile net income to
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash:
Decrease in Accounts PayableDecrease in Accounts ReceivableDepreciation ExpenseGain on Disposal of Plant AssetsIncrease in Accounts PayableIncrease in Accounts ReceivableLoss on Disposal of Plant AssetsNet IncomePatent Amortization Expense	$
Decrease in Accounts PayableDecrease in Accounts ReceivableDepreciation ExpenseGain on Disposal of Plant AssetsIncrease in Accounts PayableIncrease in Accounts ReceivableLoss on Disposal of Plant AssetsNet IncomePatent Amortization Expense
Decrease in Accounts PayableDecrease in Accounts ReceivableDepreciation ExpenseGain on Disposal of Plant AssetsIncrease in Accounts PayableIncrease in Accounts ReceivableLoss on Disposal of Plant AssetsNet IncomePatent Amortization Expense
Decrease in Accounts PayableDecrease in Accounts ReceivableDepreciation ExpenseGain on Disposal of Plant AssetsIncrease in Accounts PayableIncrease in Accounts ReceivableLoss on Disposal of Plant AssetsNet IncomePatent Amortization Expense
Decrease in Accounts PayableDecrease in Accounts ReceivableDepreciation ExpenseGain on Disposal of Plant AssetsIncrease in Accounts PayableIncrease in Accounts ReceivableLoss on Disposal of Plant AssetsNet IncomePatent Amortization Expense
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash		$

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Answer 1