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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Smith Company provided the following information on selected transactions for 2019:
What is the net increase in cash for the year ended December 31, 2019, as a result of the preceding information?
- a. $32,500,000
- b. $25,700,000
- c. $16,500,000
- d. $12,500,000
Calculate S company’s net increase in cash for the year ended December 31, 2019.
Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities.
Justification for the correct answer:
Calculate S company’s net increase in cash for the year ended December 31, 2019.
| S company | ||
| Statement of cash flows for the year ended December 31,2019 | ||
| Particulars | Amount($) | Amount($) |
| Operating Activities: | Â | Â |
| Net income | 20,000,000 | Â |
| Adjustments for non-cash income items: | Â | Â |
| Depreciation expenses | 500,000 | Â |
| Adjustments for cash flow effects from working capital: | Â | Â |
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