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Jarvis, Inc. reported net income of $59,000 for the year ended December 31, 2018 Included in...

Jarvis, Inc. reported net income of $59,000 for the year ended December 31, 2018 Included in net income were depreciation expense of $8,400 and a gain on sale of equipment of $1,700. Each of the following accounts increased during 2018:

Accounts receivable               $2,200

Inventory                                  $4,500

Prepaid rent                             $6,800

Available-for-sale securities $1,000 (These are Investments)

Accounts payable                   $5,000

18.      What is the amount of cash provided by operating activities for Jarvis, Inc. for the year ended December 31, 2018?

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Answer #1
Jarvis, Inc.
Cash flow from operating activities
Net income 59,000
Add: Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense 8,400
Gain on sale of equipment -1,700
Changes in current operating assets and liabilities:
Accounts receivable increase -2,200
Inventory increase -4,500
Prepaid rent increase -6,800
Accounts payable increase 5,000
Net cash provided by Operating Activities $57,200

Kindly comment if you need further assistance. Thanks

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