ACC 206 WEEK 2 ASSIGNMENT

Feb 3rd, 2012
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Week 2 AssignmentACC 206P14-25Johnson, Inc.Statement of Cash FlowsYear Ended December 31, 2012Cash flows from operating activities: Net income$ 70,500 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation$ 25,000 Gain on sale of building(5,500) Decrease in accounts receivable4,700 Increase in inventory(7,000) Increase in accounts payable1,700 Decrease in income tax payable (2,700) 16,200 Net cash provided by operating activities$ 86,700Cash flows from investing activities: Acquisition of equipment$(75,000) Cash receipts from sale of building 58,500* Net cash used for investing activities(16,500)Cash flows from financing activities: Cash receipt from issuance of common stock$40,000 Cash receipt from issuance of note payable67,000 Payment of cash dividends(54,000) Payment of note payable (48,100) Net cash provided by financing activities 4,900Net increase in cash and cash equivalents$75,100Cash and cash equivalents balance, December 31, 2011 17,000Cash and cash equivalents balance, December 31, 2012$92,100Noncash investing and financing activities:Acquisition of land by issuing long-term note payable$122,000Total noncash investing and financing activities$122,000 E 15-182012

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