Question
The financial statements of Simon Co. include the following items (amounts in thousands): Income Statement For the Year Ended December 31, 2017 Net income $
The financial statements of Simon Co. include the following items (amounts in thousands):
Income Statement | For the Year Ended December 31, 2017 | ||
Net income | $ | 432 | |
Depreciation and amortization expense | 313 | ||
At December 31 | ||||||
Balance Sheets | 2017 | 2016 | ||||
Accounts receivable | $ | 145 | $ | 185 | ||
Inventory | 184 | 109 | ||||
Accounts payable | 32 | 146 | ||||
Income taxes payable | 72 | 15 | ||||
Required:
a. Calculate the net cash flow provided (used) by operations for Simon Co. for the year ended December 31, 2017. (Enter your answer in thousands. (i.e., 20,000 should be entered as 20))
|
b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
11th Canadian edition Volume 2
1119048540, 978-1119048541
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