Net Cash Flow from Operating Activities Using the Indirect Meth Hamilton Helmets

Question

Net Cash Flow from Operating Activities Using the Indirect Meth Hamilton Helmets reported financial data as follows: V. Dec. 31, 2015 Dec. 31, 2016 Chane 2016 $89,200 $86,000 $3,200 Sales revenue Cash Accounts receivable Inventory Equipment Accum. depreciation Accounts payable Unearned revenue Accrued salaries Taxes payable Long-term notes payable Common stock Retained earnings $1,700,000 850,000 27,600 34,800 Cost of sales 42,000 14,000 Salaries expense 62,400 270,000 36,000 7,000 360,000 308,000 52,000 Depreciation expense (92,000) (84,000) (8,000) Interest expense 50,800 32,400 14,000 17,600 (3,600) Net income 23,200 74,000 110,000 (36,000) 6,000 88,000 43.000 72,800 (22,000) Loss on sale of equipment 42,400 (10,000) Income taxes expense 16,000 7,200 56,000 124,000 180,000 101,200 64,800 36,400 Required Prepare the cash flows from operations section in good form using the indirect method for 2016. Label everything

Explanation / Answer

Cash flow statement(Partial) For the year ended December 31,2016 Cash flows from operating activities: Net income 443000 Adjustments to reconcile net income to Net Cash provided by operating activities Depreciation expense 36000 Loss on sale of equipment 6000 Increase in Accounts receivable -34800 Increase in Inventory -14000 Decrease in Accounts Payable -22000 Decrease in Unearned revenue -10000 Decrease in Accrued salaries -3600 Decrease in Taxes Payable 7200 -35200 net Cash flows from operating activities 407800

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