Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Statement of Cash Flow (15 Points) For the year ended Dec 31, 2019, Omni Company reported net income of $73,650; depreciation expense increased of $3,300,

image text in transcribed
Statement of Cash Flow (15 Points) For the year ended Dec 31, 2019, Omni Company reported net income of $73,650; depreciation expense increased of $3,300, and recognized $6,700 loss on disposal of equipment. (Filling amount is 2points each; filing account is 1 point each) In addition, current operating assets and liabilities from the company's comparative balance sheet were as follows: Dec 31, 2019 Dec 31, 2018 Accounts Receivable $5,600 $4,635 Inventory $7,300 $4,500 Accounts Payable $6,750 $3,455 Based upon above information, please generate cash flows from operation activities in 2018. Cash flows from operating activities: Net Income $73,650 Adjustments to reconcile net income to net cash flow from operating activities Depreciation Loss on Disposal of Equipment Changes in current operating assets and liabilities (Pur "increase/decreased of current asset or current liability account") Net Cash Flow from Operating Activities Focus B E

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

A Textbook Of Cost And Management Accounting

Authors: Arora

10th Edition

9789325956209

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago

Question

Define Decision making

Answered: 1 week ago

Question

What are the major social responsibilities of business managers ?

Answered: 1 week ago