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The current sections of Scoggin Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Scoggin’s net income for 2017 was $153,000. Depreciation expense was $24,000.

The current sections of Scoggin Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Scoggin’s net income for 2017 was $153,000. Depreciation expense was $24,000.

2017 2016 Current assets $105,000 110,000 Cash $ 99,000 Accounts receivable Inventory Prepaid expenses 158,000 27,000 89,000 172,000 22,000 Total current assets $400,000 $382,000 Current liabilities $ 15,000 85,000 $ 5,000 Accrued expenses payable Accounts payable 92,000 Total current liabilities $100,000 $ 97,000

 

Instructions

Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2017, using the indirect method.

Solutions

Expert Solution

Cash flow from operating activities:  
Net income $153,000
Adjustments:  
Depreciation expense 24,000
Increase in accounts receivable (21,000)
Decrease in inventory 14,000
Increase in prepaid expenses (5,000)
Increase in accrued expense payable 10,000
Decrease in accounts payable (7,000)
Net cash provided by operating activities $168,000
Cash flow from operating activities:  
Net income $153,000
Adjustments:  
Depreciation expense 24,000

Junaid answered 3 years ago
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