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Exercise 12-4 The current sections of Flint Corporation's balance sheets at December 31, 2016 and 2017, are presented here. Flint Corporation's net income for 2017
Exercise 12-4 The current sections of Flint Corporation's balance sheets at December 31, 2016 and 2017, are presented here. Flint Corporation's net income for 2017 was $156,213. Depreciation expense was $27,567 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $107,205 81,680 171,528 27,567 $387,980 101,079 90,869 175,612 22,462 $390,022 Total current assets Current liabilities Accrued expenses payable Accounts payable 15,315 86,785 $102,100 5,105 93,932 $99,037 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).)
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