Novak Photography reported net income of $105,000 for 2022. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $3,600, and a gain on disposal of plant assets of $3,900. Novak's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $21,000 $26,700 Accounts payable 8,500 6,400 Calculate net cash provided by operating activities for Novak Photography. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Novak Photography Statement of Cash Flows For the Year Ended 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Financing Activities Depreciation Expense Patent Amortization Expense Gain on Disposal of Plant Assets Decrease in Accounts Receivable Increase in Accounts Payable

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
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Problem 14M
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Novak Photography reported net income of $105,000 for 2022. Included in the income statement were depreciation expense of
$6,300, patent amortization expense of $3,600, and a gain on disposal of plant assets of $3,900. Novak's comparative balance sheets
show the following balances.
12/31/22
12/31/21
Accounts receivable
$21,000
$26,700
Accounts payable
8,500
6,400
Calculate net cash provided by operating activities for Novak Photography. (Show amounts that decrease cash flow with either a
-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Novak Photography
Statement of Cash Flows
For the Year Ended 2022
Cash Flows from Operating Activities
Net Income
Adjustments to reconcile net income to
Net Cash Provided by Financing Activities
Depreciation Expense
Patent Amortization Expense
Gain on Disposal of Plant Assets
Decrease in Accounts Receivable
Increase in Accounts Payable
Transcribed Image Text:Novak Photography reported net income of $105,000 for 2022. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $3,600, and a gain on disposal of plant assets of $3,900. Novak's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $21,000 $26,700 Accounts payable 8,500 6,400 Calculate net cash provided by operating activities for Novak Photography. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Novak Photography Statement of Cash Flows For the Year Ended 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Financing Activities Depreciation Expense Patent Amortization Expense Gain on Disposal of Plant Assets Decrease in Accounts Receivable Increase in Accounts Payable
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