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ACT3391HomeworkFall2009Solutions10&11

ACT3391HomeworkFall2009Solutions10&11 - (5 points...

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HOMEWORK - Fall 2009 – Chapters 1 through 7 ALL homework assignments must be completed by using some type of computer software program, e.g., word, excel. YOU WILL NOT RECEIVE FULL CREDIT FOR THE HOMEWORK UNLESS IT IS COMPLETED BY USING A COMPUTER. NO CREDIT WILL BE GIVEN FOR LATE HOMEWORK. When completing your homework assignments DO NOT use any abbreviations, e.g., spell out Governmental Accounting Standards Board instead of simply writing GASB. 10. (3 points) What was J’s net cash provided by (used in) operating activities for 2007? Be sure to label your answer as provided by or used in. Net income $ 1,250,000 Plus depreciation expense 400,000 Minus gain on sale of fixed asset 150,000 Minus increase in AR 200,000 Plus decrease in prepaids 300,000 Minus decrease in AP 143,000 Minus decrease in unearned 125,000 Cash provided by operating activities $ 1,332,000 11.
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Unformatted text preview: (5 points) Pederson Company’s balance sheets at December 31 2006 and 2007 are presented below: Pederson Company Statement of Cash Flows For the Year Ended December 31, 2007 Cash , beginning of the year $ 644,000 Operating activities Net income 90,000 Depreciation expense 10,000 Loss on sale of fixed asset 53,000 Change in prepaid expenses (235,000) Change in accrued expenses payable 196,000 Cash provided by operating activities 114,000 Investing activities Capital expenditures (225,000) Proceeds from sale of fixed asset 7,000 Cash used in investing activities (218,000) Financing activities Additions to long-term debt 250,000 Reductions of long-term debt (100,000) Dividends paid ( 50,000) Treasury purchases ( 40,000) Cash provided by financing activities 60,000 Change in cash ( 44,000) Cash, end of the year $ 600,000 1...
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