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The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: Decrease Increase $ 3,300 $ 5,200 $
The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: Decrease Increase $ 3,300 $ 5,200 $ 6,480 $ 3,120 $ 18,530 Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Accounts payable Accrued liabilities Bonds Payable Common Stock Retained Earnings $ 11,330 $ 9,450 $ 8,480 $ 5,400 $12,480 $ 3,270 $ 23,060 Carver Corporation's income statement for the year just ended shows the following: Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net income $381,500 195,700 185,800 162,740 $ 23,060 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.) a. Adjusted sales b. Adjusted cost of goods sold c. Adjusted selling and administrative expenses d. Net cash provided by (used in) operating activities e. Net cash provided by (used in) investing activities f. Net cash provided by (used in) financing activities
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