The current sections of Cheyenne Corp.\'s balance sheets at December 31, 2016 an

Question

The current sections of Cheyenne Corp.'s balance sheets at December 31, 2016 and 2017, are presented here. Cheyenne Corp.'s net income for 2017 was $168,912 Depreciation expense was $29,808 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $115,920 88,320 185,472 29,808 $419,520 $109,296 98,256 189,888 24,288 $421,728 Total current assets Current liabilities 16,560 93,840 $110,400 5,520 101,568 $107,088 Accrued expenses payable Accounts payable Total current liabilities Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Explanation / Answer

Cheyenne Corp Partial Statement of Cash flows Cash flows from operating activities Net income $168,912 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense              29,808 Decrease in inventory                 4,416 Increase in Prepaid expenses              (5,520) Decrease in accounts receivable                 9,936 Decrease in accounts payable              (7,728) Increase in Accrued Expense Payable              11,040           41,952 Net cash provided by operating activities         210,864

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