Exercise 12-3 Sheridan Company reported net income of $178,690 for 2017. Sherida

Question

Exercise 12-3 Sheridan Company reported net income of $178,690 for 2017. Sheridan Company also reported depreciation expense of $32,350 and a loss of $4,690 on the disposal of plant assets. The comparative balance sheets show an increase in accountsrceivable of $14,240 for the year, a $15,590 increase in accountspayable, and a $4,050 increase in prepaid expenses. .-15,000 or in Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.g. (15,000).) Sheridan Company Partial Statement of Cash Flows December 31, 2017 Adjustments to reconcile net income to

Explanation / Answer

Operating activities :

Cash flow from operating activities Net income 178690 Adjustment to reconcile net income to Cash flow from operating activities Depreciation expense 32350 Loss on disposal of plant assets 4690 Increase account receivable -14240 Increase account payable 15590 Increase prepaid expense -4050 34340 Net cash flow from operating activities 213030

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