Question
The current sections of Monty Corp.s balance sheets at December 31, 2016 and 2017, are presented here. Monty Corp.s net income for 2017 was $166,464.
The current sections of Monty Corp.s balance sheets at December 31, 2016 and 2017, are presented here. Monty Corp.s net income for 2017 was $166,464. Depreciation expense was $29,376.
2017 | 2016 | |||
Current assets | ||||
Cash | $114,240 | $ 107,712 | ||
Accounts receivable | 87,040 | 96,832 | ||
Inventory | 182,784 | 187,136 | ||
Prepaid expenses | 29,376 | 23,936 | ||
Total current assets | $413,440 | $415,616 | ||
Current liabilities | ||||
Accrued expenses payable | $ 16,320 | $ 5,440 | ||
Accounts payable | 92,480 | 100,096 | ||
Total current liabilities | $108,800 | $ 105,536 |
Prepare the net cash provided (used) by operating activities section of the companys statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Monty Corp. Partial Statement of Cash Flows December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 | ||
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income | $ | |
Adjustments to reconcile net income to | ||
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income | $ | |
Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income | ||
Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income | ||
Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income | ||
Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income | ||
Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income | ||
Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash used by Financing Activities Net Cash used by Investing Activities Net Cash used by Operating Activities Net Decrease in Cash Net Increase in Cash | $ |
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