Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Kicnarason, Inc. Balance Sheets For the years ending December 31, 2011 and 2012) Cash Accounts receivable Inventory Current assets Gross fixed assets (Accumulated depreciation) Net

image text in transcribed

Kicnarason, Inc. Balance Sheets For the years ending December 31, 2011 and 2012) Cash Accounts receivable Inventory Current assets Gross fixed assets (Accumulated depreciation) Net fixed assets Total assets 2011 200 800 3,600 4,600 22,000 (12,000) 10,000 14,600 2012 100 1,400 3,100 4,600 31,000 (14,000) 17,000 21,600 Notes payable Accounts payable Accruals Current portion of LT Debt Current liabilities Long-term debt Common stock Additional paid in capital Retained earnings Total liabilities and equity 100 400 300 800 1,600 1,200 2,100 8,600 1,100 600 200 1,400 2,200 2,800 3,400 11,900 1,300 21,600 14,600 On its 2011 income statement, Richardson Inc. reported net income of $1,300 and on its 2012 income statement, the company reported net income of $2,400. Based on this information (and given the company's balance sheets for 2011 and 2012 in the chart above), compute Net Cash Flows from Operating Activities for Richardson in 2012

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions