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For the fiscal year ended December 31, 2015, Brace Incorporated reported Net income of 5,000, which includes Depreciation expense totaling $600 Again on a sale
For the fiscal year ended December 31, 2015, Brace Incorporated reported Net income of 5,000, which includes Depreciation expense totaling $600 Again 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 Balance at Year-end Year-end 2015 2014 5,730 2.150 Cash 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 Uneamed 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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