For the year ended Dec 31, 2018, Omni Company reported net income of $88,650; depreciation expense increased
Question:
For the year ended Dec 31, 2018, Omni Company reported net income of $88,650; depreciation expense increased of $13,200, and recognized $9,600 loss on disposal of equipment. (Filling amount is 2points each; filing account is 1 point each) In addition, current operating assets and liabilities from the company’s comparative balance sheet were as follows:
Dec 31, 2018 Dec 31, 2017
Accounts Receivable $6,700 $4,900
Inventory $12,300 $4,500
Accounts Payable $7,700 $5,200
Based upon above information, please generate cash flows from operation activities in 2018. Cash flows from operating activities: Net Income $88,650 Adjustments to reconcile net income to net cash flow from operating activities Depreciation $__________
Loss on Disposal of Equipment $__________
Changes in current operating assets and liabilities (Put increase/decreased of current asset or current liability account) ?
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy