Ch 23 solutions

Ch 23 solutions - PROBLEM 23-2 HINCKLEY CORPORATION...

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PROBLEM 23-2 HINCKLEY CORPORATION Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities Net income. ...................................................... $14,750 (a) Adjustments to reconcile net income to net cash provided by operating activities: Loss on sale of equipment. .................... $ 4,100 (b) Gain from flood damage. ........................ (8,250)* Depreciation expense. ............................ 1,900 (c) Patent amortization. ................................ 1,250 Gain on sale of investments. ................. (1,700) Increase in accounts receivable (net). .. (3,750)** Increase in inventory. ............................. (3,000) Increase in accounts payable. ............... 2,000 (7,450 ) Net cash provided by operating activities. ... 7,300 Cash flows from investing activities Sale of investments. ........................................ 4,700 Sale of equipment. ........................................... 2,500 Purchase of equipment. .................................. (20,000)(d)
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Ch 23 solutions - PROBLEM 23-2 HINCKLEY CORPORATION...

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