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
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
Section: Chapter Questions
Problem 14M
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