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(Solved by Expert Tutors) Part B (30 points)

The following Income


Part B (30 points)


The following Income Statement and Operating Cash Flow

information pertain to Receivership Inc.?s operations for the year ended December 31, 2014. Prepare the net cash flow from operating activities section of the cash flow statement using the direct method.



Income statement for the year ended December 31, 2014



Revenues??????????????????????????????????????????????????????????????????????????????????????1,328


COGS?????????????????????????????????????????????????????????????????????????????587?

Rent expenses??????????????????????????????????????????????????????????????????152?

Wages expenses???????????????????????????????????????????????????????????????136?

Insurance expenses?????????????????????????????????????????????????????????????53?

Other SG&A (includes depreciation expenses)??????????????????198?

Interest expenses????????????????????????????????????????????????????????????????30?

Gain on sale of asset???????????????????????????????????????????????????????????(5)

????????????????????????????????????????????????????????????????????????????????????????????????????1,151

Income before tax?????????????????????????????????????????????????????????????????????????????177

Tax???????????????????????????????????????????????????????????????????????????????????????????????????62

Net income??????????????????????????????????????????????????????????????????????????????????????115





Cash flow provided by operating activities (indirect method), for the year ended December?31, 2014



Net income??????????????????????????????????????????????????????????????????????????????????????115?

Depreciation??????????????????????????????????????????????????????????????????????????????????????32?

Gain on sale of asset??????????????????????????????????????????????????????????????????????????(5)

???????????????????????????????????????????????????????????????????????????????????????????????????????142?

Increases/decreases in A/R?????????????????????????????????????????????????26?

Inventories????????????????????????????????????????????????????????????????????????(35)

Prepaid rent????????????????????????????????????????????????????????????????????????13?

A/P????????????????????????????????????????????????????????????????????????????????????28?

Wages payable?????????????????????????????????????????????????????????????????(20)

Tax payable??????????????????????????????????????????????????????????????????????????5?

Interest payable???????????????????????????????????????????????????????????????????(2)

Advances from customers???????????????????????????????????????????????????(3)

Other accrued SG&A??????????????????????????????????????????????????????????5?

?????????????????????????????????????????????????????????????????????????????????????????????????????????17

Net cash provided by operating activities??????????????????????????????????????????159

 


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DATE ANSWERED

Apr 19, 2020

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