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Johnson -Davis, Incorporated <br />Statement of Cash Flows <br />For the Year Ended June 30, 2017 <br />Cash Flows From Operating Activities: <br />Net income <br />$ 808,046 <br />Adjustments to reconcile net income to net cash provided <br />by operating activities: <br />Provision for depreciation <br />1,066,908 <br />.Gain on sale of property and equipment <br />(26,029) <br />(Increase) decrease in assets: <br />Contract receivables <br />497,432 <br />Costs and estimated earnings in excess <br />of billings on uncompleted contracts <br />364,348 <br />Other receivables <br />4,085 <br />Prepaid expenses <br />(36,526) <br />Inventory <br />(12,239) <br />Income taxes receivable <br />257,896 <br />Other assets <br />20,774 <br />Increase (decrease) in liabilities: <br />Accounts payable <br />(974,856) <br />Accrued expenses <br />213,951 <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts <br />330,813 <br />Income tax payable <br />229,145 <br />Deferred tax liability <br />353,900 <br />Net cash provided by operating activities 3,097,648 <br />Cash Flows From Investing Activities: <br />Proceeds from sale of property and equipment $ 41,494 <br />Payments on notes receivable 12,000 <br />Payments for purchase of property and equipment (1,622,967) <br />Net cash used in investing activities (1,569,473) <br />Cash Flows From Financing Activities: <br />Principal payments on debt (688,690) <br />Net cash used in financing activities (688,690) <br />Net increase in cash 839,485 <br />Cash, July 1, 2016 5,202,459 <br />Cash, June 30, 2017 $ 61041,944 <br />The accompanying notes to financial statements are an integral part of these statements.. <br />6 <br />