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ACC 291 Week 5 Exercise E12-3, E12-10
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ACC 291 Week 5 Exercise E12-3, E12-10

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Prepare the operating activities section—indirect method. E12-3 Sosa Company reported net income of $190,000 for 2017. Sosa also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 increase in prepaid expenses. Instructions Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. Compare free cash flow of two companies. E12-10 Information for two companies in the same industry, Merrill Corporation and Wingate Corporation, is presented here. Merrill Corporation Wingate Corporation Net cash provided by operating activities $ 80,000 $100,000 Average current liabilities   50,000  100,000 Net income   200,000  200,000 Capital expenditures    40,000    70,000 Dividends paid     5,000    10,000 Instructions Compute free cash flow for both companies and compare.

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