Homework Answers
FLACK INC
Statement of cash flows
For the year ended December 31,2013
|
Particulars |
Amount ($) |
Amount ($) |
|
Cash flows from operating activities |
||
|
Net income |
58140 |
|
|
Adjustments to reconcile net income to net cash |
||
|
from operating activities |
||
|
Depreciation |
6900 |
|
|
Gain on sale of inventory |
-15000 |
-8100 |
|
Changes in current operating assets and liabilities |
||
|
Decrease in accounts receivables |
-7080 |
|
|
Decrease in inventories |
-9240 |
|
|
Increase in accounts payable |
7320 |
|
|
Decrease in accrued expenses payable |
-3900 |
-12900 |
|
Net cash flows from operating activities |
37140 |
|
|
Cash flows from investing activities |
||
|
Cash received from sale of investments |
105,000 |
|
|
Less Cash paid for purchase of land |
-123000 |
|
|
less cash paid for purchase of equipment |
-57000 |
|
|
Net cash used for investing activities |
-75,000 |
|
|
Cash flows from financing activities |
||
|
Cash received from sale of common stock |
87000 |
|
|
Less: cash paid for dividends |
-34200 |
|
|
Net cash flow provided by financing activities |
52800 |
|
|
Increase in cash |
14940 |
|
|
Cash at the beginning of the year |
219720 |
|
|
Cash at the end of year |
234660 |
Dividends declared = Opening Retained earnings + net income – closing retained earnings
= 451620 + 58140 – 473760 = 36,000
cash paid for dividends = 7200 + 36000 -9000 = $ 34,200
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