Question: USE THE DATA IN THE TABLE BELOW TO ANSWER THE FOLLOWING 3 QUESTIONS NikoJokic, Inc. Balance Sheets for the Years Ending December 31, (All amounts

USE THE DATA IN THE TABLE BELOW TO ANSWER THE
USE THE DATA IN THE TABLE BELOW TO ANSWER THE FOLLOWING 3 QUESTIONS NikoJokic, Inc. Balance Sheets for the Years Ending December 31, (All amounts are in dollars) Year 1 Year 2 Cash 39, 100 32, 160 Accounts receivable 62,560 40,200 Inventory 406,640 458,280 Total current assets 508,300 530,640 Gross fixed assets* 391,000 410,040 (Accumulated depreciation) (117,300) (136,680) Net fixed assets 273,700 273,360 Total assets 782,000 804,000 Notes payable 62,560 80,400 Accounts payable 140,760 152,760 Accruals 15,640 24,120 Total current liabilities 218,960 257,280 Long-term debt 109,480 56,280 Common stock 23,460 40,200 Capital surplus 234,600 249,240 Retained earnings 195,500 201,000 Total liabilities and equity 782,000 804,000 Additional Data from Company Income Statement(s): Sales in Year 2 1,608,000 Net income in Year 2 32, 160 * No long-term assets were sold in either Year 1 or Year 2 26. What did NikoJokic, Inc. report as Net Cash Flow from Operating Activities for Year 2? 27. What did NikoJokic, Inc. report as Net Cash Flow from Investing Activities for Year 2? 28. What did NikoJokic, Inc. report as Net Cash Flow from Financing Activities for Year 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!