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The current sections of Sanford Inc.s balance sheets at December 31, 2013 and 2014, are presented here. Sanfords net income for 2014 was $378,828. Depreciation
The current sections of Sanford Inc.s balance sheets at December 31, 2013 and 2014, are presented here. Sanfords net income for 2014 was $378,828. Depreciation expense was $66,852.
2014 | 2013 | |
Current assets | ||
Cash | $259,980 | $245,124 |
Accounts receivable | 198,080 | 220,364 |
Inventory | 415,968 | 425,872 |
Prepaid expenses | 66,852 | 54,472 |
Total current assets | $940,880 | $945,832 |
Current liabilities | ||
Accrued expenses payable | $37,140 | $12,380 |
Accounts payable | 210,460 | 227,792 |
Total current liabilities | $247,600 | $240,172 |
Prepare the net cash provided by operating activities section of the companys statement of cash flows for the year ended December 31, 2014, 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).)
SANFORD INC. Partial Statement of Cash Flows For the Year Ended December 31, 2014 | |
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 | |
Increase in Accounts ReceivableIncrease in Accounts PayableIncrease in Accrued Expenses PayableDecrease in InventoryIncrease in InventoryNet IncomeIncrease in Prepaid ExpensesDecrease in Prepaid ExpensesDecrease in Accrued Expenses PayableDecrease in Accounts ReceivableDepreciation ExpenseDecrease in Accounts Payable | $ |
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 ReceivableDecrease in InventoryIncrease in Accrued Expenses PayableDepreciation ExpenseDecrease in Prepaid ExpensesDecrease in Accounts PayableIncrease in InventoryDecrease in Accrued Expenses PayableIncrease in Accounts ReceivableIncrease in Prepaid ExpensesIncrease in Accounts PayableNet Income | $ |
Increase in Prepaid ExpensesIncrease in Accounts ReceivableIncrease in Accounts PayableIncrease in InventoryNet IncomeDepreciation ExpenseDecrease in Prepaid ExpensesIncrease in Accrued Expenses PayableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Accounts PayableDecrease in Accounts Receivable | |
Decrease in Accounts PayableDecrease in InventoryIncrease in Prepaid ExpensesDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in InventoryIncrease in Accounts PayableDecrease in Accounts ReceivableNet IncomeIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableDecrease in Accrued Expenses Payable | |
Decrease in Accounts ReceivableDecrease in Accounts PayableDepreciation ExpenseIncrease in Accounts PayableNet IncomeIncrease in InventoryDecrease in Accrued Expenses PayableIncrease in Accounts ReceivableIncrease in Prepaid ExpensesIncrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid Expenses | |
Increase in InventoryDecrease in Accrued Expenses PayableIncrease in Prepaid ExpensesIncrease in Accrued Expenses PayableDecrease in Prepaid ExpensesIncrease in Accounts PayableDecrease in Accounts ReceivableNet IncomeIncrease in Accounts ReceivableDecrease in Accounts PayableDecrease in InventoryDepreciation Expense | |
Decrease in Prepaid ExpensesIncrease in Accounts PayableIncrease in InventoryDecrease in InventoryDecrease in Accrued Expenses PayableDepreciation ExpenseNet IncomeDecrease in Accounts PayableDecrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in Accounts ReceivableIncrease in Prepaid Expenses | |
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 | $ |
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