The following information is availa ble for Amos Company for the year ended Dece

Question

The following information is availa ble for Amos Company for the year ended December 31, 2017. a. Balance of retained earnings. December 31, 2016. prior to discovery of error. $856,000. b. Cash dividends declared and paid during 2017, $27.000. c. It neglected to record 2015 depreciation expense of S$46,600, which is net of $6,000 in tax benefits. d. The company earned $212.000 in 2017 net income. Prepare a 2017 statement of retained earnings for Amos Company. (Amounts to be deducted should be Indicated witha minus sign Stat 31, 2017

Explanation / Answer

Prepare cash flow from operating activities :

Cash flow from operating activities Net income 724464 Adjustment to reconcile net income to net cash provided by cash flow from operating activities Income statement items not affecting cash and non operating cash Depreciation expense 55728 Amortization expense 6966 Gain on sale of equipment (9288) Changes in current assets and current liabilities Increase account receivable (41850) Increase inventory (14875) Decrease account payable (13575) Decrease Salary payable (3000) Net cash flow from operating activities 704570

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