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This is the question: The comparative balance sheets for Fernandez Fashions, Inc. for December 3, 20x6 and 20x5 appear below. Additional information about Fernandez Fashions operations during 20x6 is as follows: net income, $56,000; building and equipment depreciation expense amounts, $30,000 and $6,000, respectively; equipment that cost $27,000 with accumulated depreciation of $25,000 sold at a gain of $10,600; equipment purchases, $25,000; patent amortisation, $6,000; purchase of patent, $2,000; funds borrowed by issuing notes payables, $50,000; notes payable repaid, $30,000; land and building purchased for $324,000 by signing a mortgage for the total cost; 3,000 shares of $20 par value common stock issued for a total of $100,000; cash dividend paid $18,000; and treasury stock purchased, $15,000. Note: 20x6 (1st #), 20x5 (2nd #) Assets: Cash - $174,120, $54,720 Acc Rec (net) - $204,860 $150,860 Prepaid expenses - $ - $40,000 Land -$50,000, $- Building - $274,000, $ - Accumulated depreciation, building - (30,000), - Equipment - $66,000, $68,000 Accumulated depeciation, equipment - (29,000), (48,000) Patents- $8,000, $12,000 Total assets: $943,760, $553, 360 Liabilities and Stockholder's Equity Accounts Payable - $21,500, $73,500 Notes payable - $20,000, $ - Accrued liabilities (current) - $- , $24,600 Mortgage payable - $324,000 , $- Common stock , $20 par value - $370,000 , $310,000 Paid-in capital in excess of par value, common - $114,400 , $$74,400 Retained earnings - $118,860 , $80,860 Treasury stock - (25,000), (10,000) Total liabilities and stock holder's equity - $943,760 , $553,360 Required: Using the indirect method, prepare a statement of cash flows for Fernandez Fashions Inc. (25 marks). WHAT I DID: Fernandez Fashions, Inc. Statement of Cash Flows As of Decmber 20x6 DR$ CR$ Cash flows from Operating Activities: Net Income 56,000 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 49,000 *Patent Amortisation 6,000 (I'm not sure if this should be here) Changes in Current Operating Assets & Liabilities: Increase in Accounts Receivable (54,000) Decrease Inventory 50,000 Decrease Accounts Payable 52,000 * I think I'm missing one, not sure Net Cash flow from Operating Activities: 159,000 PLEASE TELL Pelham WHERE I WENT WRONG!!!!! :(
I have done an answer for you and i hope this can helps you. Cash Flow from operating activities Net income $56,000 Adjustment: Depreciation $36,000 Gain on disposal -$10,600 Patent amortisation $6,000 Changes in other accounts A/R -$54,000 Inventory $50,000 Prepaid expenses $40,000 Acc Pay -$52,000 Accrued liabilities -$24,600 Net cash generated $46,800 Cash flow from investing activities Capital expenditures -$25,000 Proceeds of sales $12,600 Purchase of patent -$2,000 Net cash used -$14,400 Cash flow from financing activities Payment of notes payable -$30,000 Proceeds of notes payable $50,000 Proceeds of common stock $100,000 Dividend paid -$18,000 Purchase of treasury stock -$15,000 Net cash generated $87,000 Net cash flow $119,400 Cash b/f $54,720 Cash c/f $174,120