PRINTER VERSION | | BACK NEX Practice Do Itl Review 1 Wise Photography reported

Question

PRINTER VERSION | | BACK NEX Practice Do Itl Review 1 Wise Photography reported net income of $117,900 for 2017. Included in the income statement were depreciation expense of $3,200, amortization expense of $3,000, and a gain on disposal of equipment of $3,800. Wise's comparative balance sheets show the following balances. 12/31/16 12/31/17 Accounts receivable Accounts payable Calculate net cash provided by operating activities for Wise Photography. (Show amounts that decrease $26,300 6,500 $22,000 8,700 cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Wise Photography Statement of Cash Flows Adjustments to reconcile net income to

Explanation / Answer

Wise Photography Statement of Cash Flows For the Year Ending 2017 Cash Flows from operating activities Net Income $117,900 Adjustments to reconcile net income to net cash provided by operating activities Depreciation Expense $3,200 Amortization Expense $3,000 Gain on disposal of equipment ($3,800) $2,400 Changes in assets and liabilities Decease in Accounts Receivable ($26,300 - $22,000) $4,300 Increase in Accounts Payable ($8,700 - $6,500) $2,200 $6,500 net cash provided by operating activities $126,800

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