QS 16-4 Indirect: Computing cash from operations LO P2 2016 MOSS COMPANY Selected Balance Sheet Information December 31, 2017 and 2016 2017 Current assets Cash $92,150 Accounts receivable Inventory 67,500 Current liabilities Accounts payable 45,40e Income taxes payable 2,80e 32,5ee $34,388 47,00 55,600 33,200 3,7ee MOSS COMPANY Income Statement For Year Ended December 31, 2017 Sales $ 559, mee Cost of goods sold 361,600 Gross profit 197,400 Operating expenses Depreciation expense $ 51,00 Other expenses 129,500 180, see Income before taxes 16,9ee Income taxes expense 9,6ee Net income $ 7.300 Use the Information above to calculate this company's cash flows from operating activities using the Indirect method. (Amounts to be deducted should be indicated by a minus slgn.) Answer is complete but not entirely correct. Cash flows from operating activities: : Net income s 7.300 Adjustments to reconcile net income to operating cash flow Depreciation Accounts receivable decrease Inventory increase Accounts payable increase Income taxes payable decrease ooooo s 51,000 14,500 123,100 X 12,200 OOO 900 X 201,700 209,000 Net cash provided by operating activities S QS 16-9 Computing financing cash flows LO P3 The following selected Information is from Princeton Company's comparative balance sheets. 2017 At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings 2016 $ 133,888 $ 124, 591, e8e 354,000 337,500 311,500 The company's net Income for the year ended December 31, 2017, was $60,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017. Common Stock, $10 Par 124,000 Beg. bal. Issuance of common stock 9,000 End. bal. 133,000 Paid-in Capital in Excess of Par 354,000 Beg. bal. Issuance of common stock End. bal. 354,000 Cash received 2. Complete the T-account to calculate the cash paid for dividends during 2017. Retained Earnings Beg. bal. End. bal