Question
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash FlowsIndirect Method Operating activities:
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash FlowsIndirect Method Operating activities: Net income $ 41,600 Adjustments to convert net income to cash basis: Depreciation $ 21,300 Increase in accounts receivable (61,900 ) Increase in inventory (25,900 ) Decrease in prepaid expenses 9,500 Increase in accounts payable 54,600 Decrease in accrued liabilities (11,200 ) Increase in income taxes payable 3,900 (9,700 ) Net cash provided by (used in) operating activities 31,900 Investing activities: Proceeds from the sale of equipment 16,000 Loan to Thomas Company (40,100 ) Additions to plant and equipment (121,500 ) Net cash provided by (used in) investing activities (145,600 ) Financing activities: Increase in bonds payable 89,400 Increase in common stock 40,000 Cash dividends (29,500 ) Net cash provided by (used in) financing activities 99,900 Net decrease in cash and cash equivalents (13,800 ) Beginning cash and cash equivalents 27,200 Ending cash and cash equivalents $ 13,400 Required: Compute Apex Companys free cash flow for the current year. (Negative amount should be indicated by a minus sign.)
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