Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your answer is partially correct Novak Photography reported net income of $95,000 for 2022. Included in the income statement were depreciation expense of $5.800. patent

image text in transcribed
image text in transcribed
Your answer is partially correct Novak Photography reported net income of $95,000 for 2022. Included in the income statement were depreciation expense of $5.800. patent amortization expense of $3,500, and a gain on disposal of plant assets of $2,100. Novak Photography's comparative balance sheets show the following balances. Accounts receivable Accounts payable 12/31/22 $20,000 8,700 12/31/21 $26,000 5,500 Calculate net cash provided by operating activities for Novak Photography (Show amounts that decrease cash flow with either o-sign eg. -15,000 or in parenthesis es (15,0001) Novak Photography Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 95000 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 5800 Patent Amortization Expense 3500 Patent Amortization Expense 3500 Gain on Disposal of Plant Assets 8100 Decrease in Accounts Receivable 6000 Increase in Accounts Receivable 2200 3200 Net Cash Provided by Operating Activities 115600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen and Peter Brewer

14th edition

ISBN: 978-007811100, 78111005, 978-0078111006

More Books

Students also viewed these Accounting questions

Question

9. Understand the phenomenon of code switching and interlanguage.

Answered: 1 week ago