The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 20

Question

The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows:

Labels and Amount Descriptions
Amortization of intangible assets  
Cash paid for dividends  
Cash paid for purchase of equipment  
Cash received from sale of common stock  
Cash received from sale of land  
December 31, 2016  
Decrease in accounts payable  
Decrease in accounts receivable  
Decrease in cash  
Decrease in inventories  
Depreciation  
For the Year Ended December 31, 2016  
Gain on sale of land  
Increase in accounts payable  
Increase in accounts receivable  
Increase in cash  
Increase in inventories  
Loss on sale of land  
Net cash flow from operating activities  
Net cash flow used for operating activities  
Net cash flow from investing activities  
Net cash flow used for investing activities  
Net cash flow from financing activities  
Net cash flow used for financing activities  
Net income  
Net loss

Dec. 31,2016 Dec. 31,2015 Assets 3Cash 4Accounts receivable (net) 5 Inventories 6 Land 7Equipment 8Accumulated depreciation-equipment 9Total assets $489.00 283.00 174.00 98.00 228.00 (65.00) $1,50700 $156.00 197.00 112.00 445.00 172.00 32.00) 1,050.00 Liabilities and Stockholders' Equity 10 $17700 30.00 96.00 250.00 954.00 $1,50700 $155.00 11 Accounts payable (merchandise creditors) 12 Dividends payable 13 Common stock, $10 par 14 Paid-in capital: Excess of issue price over par-common stock 15 Retained earnings 16 Total liabilities and stockholders' equity 49.00 130.00 716.00 1,050.00

Explanation / Answer

STATEMENT OF CASH FLOW UNDER INDIRECT METHOD: B.) YES, NET CASH FLOW FROM OPERATION IS MORE OR LESS THAN NET INCOME. BECAUSE DEPRECIATION AND NON OPERATING GAIN AND LOSS.. A.) CASH FLOW FROM OPERATING ACTIVITY NET INCOME 339 ADJUSTMENT IN NET INCOME INCREASE IN ACCOUNTS RECEIVABLE -86 INCREASE IN INVENTORY -62 INCREASE IN ACCOUNTS PAYABLE 22 INCREASE IN DIVIDEND PAYABLE 30 DEPRECIATION 33 GAIN ON SALE OF LAND -82 -145 NET CASH FLOW FROM OPERATING ACTIVITY 194 CASH FLOW FROM INVESTING ACTIVITY PURCHASE OF EQUIPMENT -56 LAND SOLD 129 NET CASH FLOW FROM INVESTING ACTIVITY 73 CASH FLOW FROM FINANCING ACTIVITY DIVIDEND PAID -101 ISSUE OF COMMON STOCK 167 NET CASH FLOW FROM FINANCING ACTIVITY 66 NET CASH FLOW 333 BEGINNING CASH 156 ENDING CASH 489 333

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