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Cash Flow Statement Island PhotoPlus reported net income of 73,000 for 2014. Included in the income statements were depreciation expense of 7,000 and a
Cash Flow Statement Island PhotoPlus reported net income of 73,000 for 2014. Included in the income statements were depreciation expense of 7,000 and a gain on disposal of plant assets of 2,500. Island's comparative statements of financial position show the following balances. As your solution and answer, after performing the 7-steps, prepare the Cash Flow Statement for Island PhotoPlus. Account & End Dates Accounts receivable Accounts payable 31 Dec. 2013 17,000 6,000 31 Dec. 2014 21,000 2,200 A) How much are the total adjustments to reconcile net income to net cash? (10) (2,500) (3,300) (3,800) (4,000) (7,000) B) Calculate the net cash provided by operating activities for Island PhotoPlus. (10) 7,000 23,200 40,500 69,700 73,000 10 points 10 points
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