The financial statements of Simon Co. include the following items (amounts in thousands):
Income Statement
For the Year Ended December 31, 2014
Required:
a. Calculate the net cash flow provided by operations for Simon Co. for the year ended December 31, 2014. (Enter your answer in thousands. (i.e., 20,000 should be entered as 20))
Net cash provided by operating activities:
b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement.
| Net income |
|
$ |
429 |
|
| Depreciation and amortization expense |
|
|
318 |
|
| |
At December 31 |
| Balance Sheets |
2014 |
2013 |
| Accounts receivable |
$ |
130 |
$ |
162 |
| Inventory |
|
156 |
|
140 |
| Accounts payable |
|
39 |
|
153 |
| Income taxes payable |
|
61 |
|
42 |