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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 $477,054. 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 $477,054. Depreciation expense was $84,186.
2014 | 2013 | |
Current assets | ||
Cash | $327,390 | $308,682 |
Accounts receivable | 249,440 | 277,502 |
Inventory | 523,824 | 536,296 |
Prepaid expenses | 84,186 | 68,596 |
Total current assets | $1,184,840 | $1,191,076 |
Current liabilities | ||
Accrued expenses payable | $46,770 | $15,590 |
Accounts payable | 265,030 | 286,856 |
Total current liabilities | $311,800 | $302,446 |
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 Prepaid ExpensesDecrease in Accounts PayableDepreciation ExpenseDecrease in Prepaid ExpensesIncrease in Accounts PayableNet IncomeIncrease in Accrued Expenses PayableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Accounts ReceivableIncrease in Inventory | $ |
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 | |
Net IncomeIncrease in InventoryDepreciation ExpenseIncrease in Prepaid ExpensesIncrease in Accrued Expenses PayableDecrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableIncrease in Accounts ReceivableDecrease in InventoryIncrease in Accounts PayableDecrease in Prepaid Expenses | $ |
Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Prepaid ExpensesIncrease in InventoryIncrease in Prepaid ExpensesNet IncomeDepreciation ExpenseIncrease in Accounts ReceivableDecrease in InventoryDecrease in Accrued Expenses PayableIncrease in Accounts PayableIncrease in Accrued Expenses Payable | |
Increase in InventoryDecrease in Prepaid ExpensesIncrease in Accrued Expenses PayableIncrease in Accounts PayableDecrease in InventoryNet IncomeIncrease in Prepaid ExpensesDecrease in Accounts ReceivableDepreciation ExpenseDecrease in Accounts PayableDecrease in Accrued Expenses PayableIncrease in Accounts Receivable | |
Increase in Accounts PayableDecrease in InventoryIncrease in InventoryIncrease in Prepaid ExpensesDecrease in Prepaid ExpensesDecrease in Accounts ReceivableDepreciation ExpenseIncrease in Accounts ReceivableDecrease in Accounts PayableIncrease in Accrued Expenses PayableNet IncomeDecrease in Accrued Expenses Payable | |
Decrease in Prepaid ExpensesDecrease in Accounts PayableIncrease in InventoryIncrease in Prepaid ExpensesIncrease in Accounts PayableIncrease in Accrued Expenses PayableDecrease in Accrued Expenses PayableDecrease in Accounts ReceivableNet IncomeDepreciation ExpenseIncrease in Accounts ReceivableDecrease in Inventory | |
Increase in Accrued Expenses PayableDepreciation ExpenseIncrease in Accounts PayableIncrease in Prepaid ExpensesDecrease in Accrued Expenses PayableDecrease in Accounts ReceivableIncrease in Accounts ReceivableDecrease in InventoryIncrease in InventoryNet IncomeDecrease in Prepaid ExpensesDecrease in Accounts Payable | |
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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