Comparative financial statement data for Carmono Company follow. This Year Last

Question

Comparative financial statement data for Carmono Company follow. This Year Last Year AssetS $ 11.50 66.00 112.50 190.00 255.00 52.00 203.00 $393.00 $ 22.00 59.00 100.00 181.00 210.00 39.00 171.00 $352.00 Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 67.50 150.00 175.50 $393.00 $ 54.00 115.00 183.00 $352.00 For this year, the company reported net income as follows Sales Cost of goods sol Gross marqin Selling and administrative expenses Net income $1,250.00 750.00 500.00 480.00 $20.00

Explanation / Answer

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED December 31, Cash Flow Statement by indirect Method Detail Amount in $) Cash Flow from Operating activities:- Net Income during the year $20.00 Adjustment to Reconcile net income to net cash frlow from operating activities Depreciation (52-39) $13.00 Changes in Current Operating Asset and Libilities Increase in Account Receivable -$7.00 Increase in Inventories -$12.50 In eccrease in Account Payable $13.50 Net Cash Generated by Operating activities (A) $27.00 Cash flow from investing activities Purchase of Property plant & Equipment -$45.00 Net Cash Generated by Investing activities (B) -$45.00 Cash Generated from Finance   Activities Issue Common Stock $35.00 Dividend Paid (183+20-175.50) -$27.50 Net Cash Generated by Financiang Activities ( C) $7.50 Net Cash Generated ( A+B+C) -$10.50 Opening Balance on 1st Jan 2017 $22.00 Closing Balance of Cash as on31 Dec 2017 $11.50 Free Cash Flow= Net Income+ Depreciation =$20+13=33

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