OR?ON Kate Petusky prepared Oriole Controls balance sheet and incom family emerg

Question

OR?ON Kate Petusky prepared Oriole Controls balance sheet and incom family emergency. Because the full set of statements must be e statement for 2016. Before she could complete the statement of cash flows, she had to leave town to atend to a Tows. Meyers has provided you with the balance sheets and income statement that Petusky prepared, as well as some notes she made: t, Lance Meyers, has asked rou to prepare the statement of cash $ 128,400 70,300 58,100 Administrative expense Salaries expense 8,410 20,330 1,930 expense Interest expense Income before gain and taxes Gain on sale of Land Income tax expense 4,160 48,280 9,820 913 838 Net income r 31 As of 5,400 $ 4,200

Explanation / Answer

Cash flow Statement: Cash flows from Operating activities: Net income for the year 9895 Adjustment for reconciliation Depreciation 1930 Gain on sale of equipment -913 Increasse in Accounts receivable -840 Decrease in Inventory 2470 Decrease in Accounts payable -2700 Decrease in Accrued expense -30 Decrease in Tax payable -550 Net cash provided from Operating activities 9262 Cash flowws from Investing activities: Purchase of equipment -17580 sale of equipment 20343 Net cash provided from investing activities 2763 Cash flows from Financing activities: Issue of Bonds payable 10160 Dividend paid -20985 Net cash used in financing activities -10825 Net increasse in cash 1200 Add: Beginning Balance of cash 4200 Ending balance of cash 5400

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