****** The current sections of Sunn Inc.'s balance sheets at December 31, 2016 and 2017, are presented here. Sunn Inc.'s net income for 2017 was $153,000. Depreciation expense was $27,000. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities. 2017 Adjustments to reconcile net Income to $105,000 80,000 168,000 27,000 $380,000 Y $ 15,000 85,000 $100,000 Sunn Inc. Partial Statement of Cash Flows Prepare the net cash provided (used) 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).) 2016 $ $ 99,000 89,000 172,000 22,000 $382,000 $ 5,000 92,000 $97,000 $ 00

****** The current sections of Sunn Inc.'s balance sheets at December 31, 2016 and 2017, are presented here. Sunn Inc.'s net income for 2017 was $153,000. Depreciation expense was $27,000. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities. 2017 Adjustments to reconcile net Income to $105,000 80,000 168,000 27,000 $380,000 Y $ 15,000 85,000 $100,000 Sunn Inc. Partial Statement of Cash Flows Prepare the net cash provided (used) 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).) 2016 $ $ 99,000 89,000 172,000 22,000 $382,000 $ 5,000 92,000 $97,000 $ 00

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 8C

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******
The current sections of Sunn Inc.'s balance sheets at December 31, 2016 and 2017, are presented here. Sunn Inc.'s net income for 2017 was $153,000. Depreciation
expense was $27,000.
Current assets
Cash
Accounts receivable
Inventory
Prepaid expenses
Total current assets
Current liabilities
Accrued expenses payable
Accounts payable
Total current liabilities.
2017
Adjustments to reconcile net Income to
$105,000
80,000
168,000
27,000
$380,000
Y
$ 15,000
85,000
$100,000
Sunn Inc.
Partial Statement of Cash Flows
Prepare the net cash provided (used) 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).)
2016
$
$ 99,000
89,000
172,000
22,000
$382,000
$ 5,000
92,000
$97,000
$
00

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