Metro Inc. reported net income of $150,000 for 2014. Changes occurred in several balance sheet accounts during

Question:

Metro Inc. reported net income of $150,000 for 2014. Changes occurred in several accounts during 2014 as follows:
Investment in Videogold Inc. stock, carried on the equity basis $5,500 increase
Accumulated depreciation caused by major repair to projection equipment 2,100 decrease
Premium on bonds payable 1,400 decrease
Deferred tax liability (long term) 1,800 increase

Required:
Determine the reported net cash provided by operating activities for Metro in 2014.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...