Question
The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: IncreaseDecreaseCash and cash equivalents$3,090Accounts receivable$5,300Inventory$6,600Prepaid expenses$3,210Long-term investments$17,680Property,
The changes in each balance sheet account for Carver Corporation during the year just completed are as follows:
IncreaseDecreaseCash and cash equivalents$3,090Accounts receivable$5,300Inventory$6,600Prepaid expenses$3,210Long-term investments$17,680Property, plant, and equipment$11,440Accumulated depreciation$9,900Accounts payable$8,400Accrued liabilities$5,100Bonds Payable$12,360Common Stock$3,090Retained Earnings$1,430
Carver Corporation's income statement for the year just ended shows the following:
Income StatementSales$365,570Cost of goods sold201,400Gross margin164,170Selling and administrative expense162,740Net income$1,430
The company did not dispose of any property, plant, and equipment, buy any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. Carver Corporation uses the direct method to construct its statement of cash flows.
Required:
a. Determine the sales adjusted to the cash basis.
b. Determine the cost of goods sold adjusted to the cash basis.
c. Determine the selling and administrative expenses adjusted to a cash basis.
d. Determine the net cash provided by (used in) operating activities.(Negative amounts should be indicated by a minus sign.)
e. Determine the net cash provided by (used in) investing activities.(Negative amounts should be indicated by a minus sign.)
f. Determine the net cash provided by (used in) financing activities.(Negative amounts should be indicated by a minus sign.)
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