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For the fiscal year ended December 31, 2015, Brace Incorporated reportedL Net income of 5,000, which includes Depreciation expense totaling $600 A gain on a
For the fiscal year ended December 31, 2015, Brace Incorporated reportedL
- Net income of 5,000, which includes
- Depreciation expense totaling $600
- A gain on a sale of equipment of $100
The company did not use or receive cash for any investing or financing activities.
Relevant excerpts from Brace's balance sheets for 2015 and 2014 are as follows:
Balance at Year-end 2015 | Balance at Year-end 2014 | |
Cash | 5,730 | 2,150 |
Accounts Receivable | 2,000 | 3,000 |
Inventory | 4,000 | 2,000 |
Prepaid Insurance | 720 | 600 |
Accounts Payable | 1,000 | 1,500 |
Wages Payable | 2,700 | 2,500 |
Unearned Revenue | 100 | 600 |
Use the template below to prepare the Operating Cash Flows section of Brace's Statement of Cash Flows for 2015. If an adjustment is negative, enter it with a - sign, e.g., -500. For positive adjustents, just enter the dollar amount, e.g., 500.
Net Income | |
Adjustments for: | |
Depreciation expense | |
Gain on sale of equipment | |
Accounts receivable | |
Inventory | |
Prepaid insurance | |
Accounts payable | |
Wages payable | |
Unearned revenue | |
Net Cash from Operating Activities |
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