The current sections of Donny Inc's balance sheets at December 31, 2016 and 2017, are presented here. Donny's net income for 2017 was $200,000. Depreciation expense was $25.000. Current assets Cash Accounts receivable Inventory Prepaid expense 2017 2016 $115,000 105,000 154.000 27,000 $401,000 $381.000 Total current assets Current liabilities Accrued expenses payable $15,000 Accounts payable 85,000 Total current liabilities $100,000 $99,000 89,000 172.000 21,000 $5,000 93.000 $98.000
The current sections of Donny Inc's balance sheets at December 31, 2016 and 2017, are presented here. Donny's net income for 2017 was $200,000. Depreciation expense was $25.000. Current assets Cash Accounts receivable Inventory Prepaid expense 2017 2016 $115,000 105,000 154.000 27,000 $401,000 $381.000 Total current assets Current liabilities Accrued expenses payable $15,000 Accounts payable 85,000 Total current liabilities $100,000 $99,000 89,000 172.000 21,000 $5,000 93.000 $98.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December
31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15.000 or in parenthesis
e.g. (15,000).)
DONNY INC.
Partial Statement of Cash Flows
Adjustments to reconcile net income to
:
:
Transcribed Image Text:Current Attempt in Progress
The current sections of Donny Inc.'s balance sheets at December 31, 2016 and 2017, are presented here.
Donny's net income for 2017 was $203,000. Depreciation expense was $25,000.
Current assets
Cash
Accounts receivable.
Inventory
Prepaid expense
Total current assets
Current liabilities
Accrued expenses payable i
Accounts payable
Total current liabilities
2017
$115,000
105,000
154,000
27,000
$401,000
$15,000
85,000
$100,000
2016
$99,000
89,000
172.000
21,000
$381.000
$5,000
93.000
$98,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education