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The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Teal Mountain Inc.’s net income for 2017 was $156,366. Depreciation expense was $27,594.

The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Teal Mountain Inc.’s net income for 2017 was $156,366. Depreciation expense was $27,594.

 

2017

2016
Current assets

 


Cash

$107,310

$ 101,178
Accounts receivable

81,760

90,958
Inventory

171,696

175,784
Prepaid expenses

27,594

22,484
Total current assets

$388,360

$390,404
Current liabilities

 


Accrued expenses payable

$ 15,330

$ 5,110
Accounts payable

86,870

94,024
Total current liabilities

$102,200

$ 99,134


Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

 

Sep 11 2020 View more View Less

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