Reference no: EM132527064

The changes in each balance sheet account for Carver Corporation during the year just completed are as follows:

Increase/Decrease

Cash and cash equivalents$3,090

Accounts receivable$5,300

Inventory $6,600

Prepaid expenses$3,210

Long-term investments $17,680

Property, plant, and equipment$11,440

Accumulated depreciation$9,900

Accounts payable $8,400

Accrued liabilities$5,100

Bonds Payable $12,360

Common Stock$3,090

Retained Earnings$1,430

Carver Corporation's income statement for the year just ended shows the following:

Income Statement

Sales$365,570

Cost of goods sold 201,400

Gross margin 164,170

Selling and administrative expense 162,740

Net income$1,430

• 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. Carver Corporation uses the direct method to construct its statement of cash flows.

Required:

Question a. Determine the sales adjusted to the cash basis.

Question b. Determine the cost of goods sold adjusted to the cash basis.

Question c. Determine the selling and administrative expenses adjusted to a cash basis.

Question d. Determine the net cash provided by (used in) operating activities. (Negative amounts should be indicated by a minus sign.)

Question e. Determine the net cash provided by (used in) investing activities. (Negative amounts should be indicated by a minus sign.)

Question f. Determine the net cash provided by (used in) financing activities. (Negative amounts should be indicated by a minus sign.)