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De La Hoz Builders, Inc. <br />Statement of Cash Flows (Continued) <br />For the year ended December 31, 2020 <br />RECONCILIATION OF NET INCOME TO NET CASH <br />PROVIDED BY OPERATING ACTIVITIES: <br />Net income <br />$ 358,624 <br />Adjustments to reconcile net income to net cash provided by <br />operating activities: <br />Depreciation <br />33,047 <br />Decrease (increase) in assets: <br />Contracts receivable <br />262,403 <br />Contract assets <br />146,101 <br />Prepaid expenses <br />(3,888) <br />Increase (decrease) in liabilities: <br />Accounts payable <br />(75,084) <br />Accrued expenses <br />(10,258) <br />Contract liabilities <br />6,203 <br />Net change in assets and liabilities <br />342,173 <br />Net cash provided by operating activities $ 700,797 <br />See accompanying notes and independent accountants'review report. <br />-5- <br />