Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bramble Corp.reported net income of $206,930 for 2017. Bramble Corp. also reported depreciation expense of $33,830 and a loss of $4,940 on the disposal of

image text in transcribed
Bramble Corp.reported net income of $206,930 for 2017. Bramble Corp. also reported depreciation expense of $33,830 and a loss of $4,940 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $15,280 for the year, a $16,620 increase in accounts payable, and a $4,190 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either -sign e g. -15,000 or in parenthesis es. (15,000). Bramble Corp. Partial Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities : 206930 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Decrease in Prepaid Expenses 33830 Loss on Disposal of Plant Assets : Increase in Accounts Payable 16620 Decrease in Accounts Payable Decrease in Accounts Receivable : Net Cash Provided by Operating Activities 242850

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions