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acc230 week 5 checkpoint

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Week 5 – Checkpoint (This is Answer Key)
4.5 Little Bit, Inc.
Statement of Cash Flows
For Year Ended December 31, 2009
Cash flow from operating activities
Net income $
5,500
Noncash expenses included in net income:
Depreciation 18,000
Deferred income taxes 500
Cash provided by (used for) current assets and liabilities
Accounts receivable (6,500 )
Inventory (8,500 )
Prepaid expenses (4,000 )
Accounts payable 2,000
Accrued salaries payable (16,000 )
Net cash used by operating activities ( $
9,000
)
Cash flows from investing activities
Purchase of plant and equipment (6,000 )
Purchase of long-term investments (1,000 )
Net cash used by investing activities ( $
7,000
)
Cash flows from financing activities
Additions to long-term debt 17,000
Sale of common stock 15,000
Net cash provided by financing activities $
32,000
Increase in cash $
16,000

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Week 5 - Checkpoint (This is Answer Key) 4.5 Little Bit, Inc. Statement of Cash Flows For Year Ended December 31, 2009 Cash flow from operating activities Net income $ 5,500 Noncash expenses included in net income: Depreciation 18,000 Deferred income taxes 500 Cash provided by (used for) current assets and liabilities Accounts receivable (6,500 ) Inventory (8,500 ) Prepaid expenses (4,000 ) Accounts payable 2,000 Accrued salaries payable (16,000 ) Net cash used by operating activities ( $ 9,000 ) Cash flows from investing activities Purchase of ...
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