Question
Exercise 12-4 The current sections of Sunn Inc.s balance sheets at December 31, 2016 and 2017, are presented here. Sunn Inc.s net income for 2017
Exercise 12-4 The current sections of Sunn Inc.s balance sheets at December 31, 2016 and 2017, are presented here. Sunn Inc.s net income for 2017 was $153,000. Depreciation expense was $27,000. 2017 2016 Current assets Cash $105,000 $ 99,000 Accounts receivable 80,000 89,000 Inventory 168,000 172,000 Prepaid expenses 27,000 22,000 Total current assets $380,000 $382,000 Current liabilities Accrued expenses payable $ 15,000 $ 5,000 Accounts payable 85,000 92,000 Total current liabilities $100,000 $ 97,000 Prepare the net cash provided (used) by operating activities section of the companys 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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