Question: having difficulity with this cash flow problem updated question cost of equipment sold is now shown Cash Flows The following (partial) financial statements are from


Cash Flows The following (partial) financial statements are from the 20X2 Annual Report of the Niagara Company. answer all the questions on Cash flows Income Statement for Year Ended December 31, 20X2 Sales Cost of goods sold Depreciation expense Sales and general expense Interest expense Loss on sale of PPE Income tax expense Net income $ 3900 (1650) (400) (1000) (150) (40) (160) $ 500 Balance Sheets at December 31, 20X1 and 20X2 20x2 20x1 Assets Cash $150 $120 Accounts receivable 500 480 Prepaid Expenses 300 250 Inventory 750 800 Current assets $ 1700 $ 1650 Property Plant and Equipment (PPE) 1200 $1070 Less Accumulated Depreciation (500) (450) Total assets $ 2400 $ 2270 Liabilities and equity Accounts payable 690 610 Interest Payable 110 140 Taxes payable 150 90 Total Current liabilities $ 950 $ 840 Long Term Liabilities and Stockholders equity not provided for this problem MY Calculate the Operating Cash Flows Calculate the Cash Collected from Customers Calculate the Cash paid to Suppliers Calculate the cash paid for PPE purchased Calculate the cash obtained from PPE sold Calculate the Cash obtained or used from Financing (Hint: you need to use the answers to the earlier parts to solve this problem and not the missing data in the balance sheet) Show outflow as a negative number Sales $ 3900 Cost of goods sold (1650) Depreciation expense (400) Sales and general expense (1000) Interest expense (150) Loss on sale of PPE (40) Income tax expense (160) Net income $ 500 Balance Sheets at December 31, 20X1 and 20x2 20x2 20x1 Assets Cash $150 $120 Accounts receivable 500 480 Prepaid Expenses 300 250 Inventory 750 800 Current assets $ 1700 $ 1650 Property Plant and Equipment (PPE) 1200 $1070 Less Accumulated Depreciation (500) (4501 Total assets $ 2400 $ 2270 Liabilities and cauit Accounts payable 690 610 Interest Payable 110 140 Taxes payable 150 20 Total Current liabilities $ 950 $ 840 Long Term Liabilities and Stockholders equity not provided for this problem Additional information Property Plant and Equipment (PPE) that originally cost $700 was sold, The prepaid expenses related to supplier payments Additional Information Property Plant and Equipment (PPE) that originally cost $700 was sold. The prepaid expenses related to supplier payments, Calculate the Operating Cash Flows Calculate the Cash Collected from Customers Calculate the cash paid to Suppliers Calculate the cash paid for PPE purchased Calculate the cash obtained from PPE sold Calculate the Cash obtained or used from Financing (Hint: you need to use the answers to the earlier parts to solve this problem and not the missing data in the balance sheet) Show outflow as a negative number
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