## Answers

SARASOTA CORPORATION | |||

Statement of Cash flows | |||

For the Year Ended December 31, 2017 | |||

Cash flows from operating activities | |||

Net Income | $ 14,900 | 20400-5500 | |

Adjustments to reconcile net income to ; | |||

Net cash provided by operating activities | |||

Depreciation expense | $ 1,880 | 2000-4600+(11200*40%) | |

Patent amortization | $ 1,300 | ||

Loss on sale equipment | $ 4,220 | (11200*60%)-2500 | |

Gain from flood damage | $ (8,600) | 29800-6100-30200-2100 | |

Gain on sale of investment | $ (1,700) | ||

Increase in accounts receivable | $ (3,700) | 10000-12100+3000-4600 | |

Increase in inventory | $ (3,000) | ||

Increase in accounts payable | $ 1,800 | ||

$ (7,800) | |||

Net cash provided by operating activities | $ 7,100 | ||

Cash flows from investing activities | |||

Sale of investment | $ 4,800 | 3100+1700 | |

Proceeds from Flood damage of building | $ 32,300 | 30200+2100 | |

Sale of equipment | $ 2,500 | ||

Purchase of equipment | $ (20,200) | 19900-44900-11200+16000 | |

Net cash used by investing activities | $ 19,400 | ||

Cash flows from financing activities | |||

Payment of short term note payable | $ (900) | ||

Payment of dividends | $ (5,000) | ||

Net cash provided by financing activities | $ (5,900) | ||

Net Increase in cash | $ 20,600 | ||

Cash and cash equivalents at beginning of period | $ 12,900 | ||

Cash and cash equivalents at end of period | $ 33,500 | ||

Supplimental disclosure of cash flow information | |||

Cash paid during the year for interest | $ 2,100 | ||

Cash paid during the year for income tax | $ 6,600 | ||

Non cash financing and investing activities | |||

Long term note payable was paid by issuing common stock | $ 10,000 | ||

Equipment acquired by issuing long term note | $ 16,000 |

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