ACCT 1220 Study Guide - Comprehensive Final Exam Guide - Mortgage Loan, Income Tax, Depreciation

• School: University of Guelph
• Department: Accounting
• Course: ACCT 1220
• Professor: Adeel Mohamed

Document Summary

*calculations for the statement of cash flow: cost of goods sold $ 290,00. Adjustments to reconcile net income to net cash. Cash paid for income tax deduction . (5,000) 336,000 - Net cash used by financing activities (23,000) Beginning cash balance on january 1st 2016 23,000 + Ending cash balance on december 31st 2016 59,000. *calculations for the statement of cash flow above: cost of goods sold $ 290,00. Cash payment to suppliers $ 303,000: operating expenses $ 36,000. Adjustments to reconcile net income to net cash provided by operating activities : depreciation . 12,000 (+) decrease in accounts receivable 3,000 (-) increase in income tax . 5,000 (+) decrease in inventory . (5,000) (-) increase in accounts payable . (8,000) $ 7,000. Financial statements - provide information on: business operating. Include : income statement, cash flow statement , statement of financial position i. e balance sheet, statement of changes in equity.