Case Study 1 - Scotty Bob Handcrafted Skis Statement of...

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Scotty Bob Handcrafted Skis Statement of Cash Flows For Year Ended December 31, 2008 Cash flows from operating activities Net income $114,975 Increase in accounts receivable ($15,185) Increase in merchandise inventory ($23,856) Decrease in prepaid expenses $625 Decrease in accounts payable ($61,534) Depreciation Expense $20,750 Loss on sale of equipment $5,125 Net cash provided by operating activities $40,900 Cash flows from investing activities Cash received from sale of plant assets $11,625 Cash paid for purchase of plant assets ($30,000) Net cash provided by investing activities ($18,375) Cash flows from financing activities Cash paid for dividends ($50,100) Cash received from issuing stock $50,000 Cash received by signing short term note payable $4,000 Cash paid to reduce long term note payable ($50,125) Net cash used in financing activities ($46,225) Net decrease in cash ($23,700) Cash balance at prior year-end $73,500 Cash balance at current year-end $49,800 Note: Noncash investing and cing activity
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Case Study 1 - Scotty Bob Handcrafted Skis Statement of...

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