Question

Krech Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current...

Krech Corporation's comparative balance sheet appears below:

Comparative Balance Sheet
Ending Balance Beginning Balance
Assets:
Current assets:
Cash and cash equivalents $ 35,000 $ 27,300
Accounts receivable 20,000 24,000
Inventory 66,000 62,000
Prepaid expenses 12,800 10,400
Total current assets 133,800 123,700
Property, plant, and equipment 422,000 402,000
Less accumulated depreciation 211,000 180,900
Net property, plant, and equipment 211,000 221,100
Total assets $ 344,800 $ 344,800
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable $ 19,400 $ 13,000
Accrued liabilities 56,000 63,000
Income taxes payable 77,000 79,000
Total current liabilities 152,400 155,000
Bonds payable 88,000 81,000
Total liabilities 240,400 236,000
Stockholders’ equity:
Common stock 36,000 30,000
Retained earnings 68,400 78,800
Total stockholders’ equity 104,400 108,800
Total liabilities and stockholders' equity $ 344,800 $ 344,800

The company's net income (loss) for the year was $(5,200) and its cash dividends were $5,200. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities.

The company's net cash provided by (used in) operating activities is:

Garrison 16e Rechecks 2017-11-21

Homework Answers

Answer #1

Answer:-

Krech Corporation
Statement of Cash Flow (Using Indirect Method)
For the year ended
Particulars Amount
$  
Cash flow from opreating activities
Net Income -5200
Adjustments to reconcile net income to net cash provided by opreating activities
Adjustment for non cash effects
Depreciation 30100
Change in opreating assets & liabilities
Decrease in accounts receiveble 4000
Increase in inventory -4000
Increase in prepaid expenses -2400
Increase in accounts payable 6400
Decrease in accrued liabilities -7000
Decrease in income tax payable -2000
Net cash flow from opreating activities (a) 19900
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