Reference no: EM131714629
The changes in each balance sheet account for Bryan Company during the year just completed are as follows:
IncreaseDecrease Cash $5,800 Accounts receivable$6,500 Inventory $5,100 Prepaid expenses$5,900 Long-term investments $33,000 Property, plant and equipment$23,000 Accumulated depreciation$10,000 Accounts payable $13,000 Accrued liabilities$6,600 Bonds payable $31,000 Common stock$14,000 Retained earnings$4,900
Bryan Company's income statement for the year just ended shows the following:
Sales$390,000 Cost of goods sold 225,000 Gross margin 165,000 Selling and administrative expenses 160,100 Net income$4,900
The company did not dispose of any property, plant, and equipment, buy any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. Bryan Company uses the direct method to construct its statement of cash flows.
Required:
a. Determine the sales adjusted to the cash basis. (Omit the "tiny_mce_markerquot; sign in your response.)
Adjusted sales$
b. Determine the cost of goods sold adjusted to the cash basis. (Omit the "tiny_mce_markerquot; sign in your response.)
Adjusted cost of goods sold$
c. Determine the selling and administrative expenses adjusted to a cash basis. (Omit the "tiny_mce_markerquot; sign in your response.)
Adjusted selling and administrative expenses$
d. Determine the net cash provided (used) by operating activities.(Negative amounts should be indicated by a minus sign. Omit the "tiny_mce_markerquot; sign in your response.)
Net cash provided (used) by operating activities$
e. Determine the net cash provided (used) by investing activities.(Negative amounts should be indicated by a minus sign. Omit the "tiny_mce_markerquot; sign in your response.)
Net cash provided (used) by investing activities$
f. Determine the net cash provided (used) by financing activities.(Negative amounts should be indicated by a minus sign. Omit the "tiny_mce_markerquot; sign in your response.)
Net cash provided (used) by financing activities$