8. Mattix Corporation\'s balance sheet and income statement appear below: Compar

Question

8. Mattix Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets Cash and cash equivalents $22 $23 39 43 587 359 $333 Accounts receivable 40 Inventory Property, plant and equipment 500 347 Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable $259 $30 15 39 $26 18 40 109 120 Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 51 50 89 $333 $259

Explanation / Answer

$117

Cash flow from operating activities: Net income $116 Adjustment to reconcile net income to cash basis: Depreciation expense ($359+1-347) $13 Gain on sale of equipment (14) Decrease in account receivable (40-39) $1 Decrease in inventory (44-43) $1 Increase in account payable (30-26) $4 Decrease in accrued liabilities (18-15) (3) Decrease in income tax payable (40-39) (1) Net cash flow from operating activities

$117

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