Homework Answers
| Lightspreed Industries | ||
| Statement of Cash Flows | ||
| For the year Ended December 31, 2018 | ||
| Cash flows from Operating activities: | ||
| Net income | 3,294,000 | |
|
Adjustments to reconcile net income to net cash provided by operating activities : |
||
| Depreciation Expense | 800,000 | |
| Increase in Accounts receivable | -500,000 | |
| Increase in Accounts Payable | 700,000 | |
| 1,000,000 | ||
| Net cash provided by operating activities | 4,294,000 | |
| Cash flows from Investing Activities | ||
| Purchase of Property, Plant & equipment | -9,400,000 | |
| Net cash used in Investing activities | -9,400,000 | |
| Cash flows from Financing Activities | ||
| Decrease in Long Term debt | -400,000 | |
| Net cash used by financing activities | -400,000 | |
| Net cash flow | -5,506,000 | |
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Corning-Howell reported taxable income in 2018 of $220 million.
At December 31, 2018, the reported amount of some assets and
liabilities in the financial statements differed from their tax
bases as indicated below:
Carrying Amount
Tax Basis
Assets
Current
Net accounts receivable
$
13
million
$
18
million
Prepaid insurance
42
million
0
Prepaid advertising
6
million
0
Noncurrent
Investments at fair value with changes in OCI*
7
million
0
Buildings and equipment (net)
420
million
350
million
Liabilities
Current...
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Corning-Howell reported taxable income in 2018 of $220 million.
At December 31, 2018, the reported amount of some assets and
liabilities in the financial statements differed from their tax
bases as indicated below:
Carrying Amount
Tax Basis
Assets
Current
Net accounts receivable
$
13
million
$
18
million
Prepaid insurance
42
million
0
Prepaid advertising
6
million
0
Noncurrent
Investments at fair value with changes in OCI*
7
million
0
Buildings and equipment (net)
420
million
350
million
Liabilities
Current...
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