Balance sheet accounts for Joyner Company contained the following amounts at the end of Years 1and 2:
Question:
Balance sheet accounts for Joyner Company contained the following amounts at the end of Years 1and 2:
The company’s income statement for Year 2 follows:
Equipment that had cost $40,000 and on which there was accumulated depreciation of $30,000 was sold during Year 2 for $18,000. Cash dividends totaling $15,000 were declared and paid during Year 2.
Required:
1. Using the indirect method, compute the net cash provided by operating activities for Year 2.
4. Briefly explain why cash declined so sharply during the year.
Free Cash Flow Free cash flow (FCF) represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. Unlike earnings or net income, free cash flow is a measure of profitability that excludes the...
Transcribed Image Text:
Yeer2 Year 1 Debit Balance Accounts $ 21,000 Cash 4,000 Accounts Receivable 250,000 170,000 Inventory 310,000 260,000 Prepaid Expenses 7,000 14,000 Loan to Hymas Company 40,000 Plant and Equipment 510,000 400,000 $ 865,000 Total debits $1,121,000 Credit Balance Accounts $ 132,000 $ 120,000 Accumulated Depreciation Accounts Payable 310,000 250,000 Accrued Liabilities 20,000 30,000 Bonds Payable 190,000 70,000 Deferred Income Taxes 45,000 42,000 Common Stock 300,000 270,000 Retained Earnings 124,000 83,000 $ 865,000 Total credits $1,121,000
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1 and 2 Joyner Company Statement of Cash Flows For Year 2 Operating activities Net income 56000 Adjustments to convert net income to cash basis Deprec...View the full answer
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