Analyzing Financial Statements : Adjustments to reconcile cash provided (used) in operations…

2002 (A)

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2003 (A)

2004 (A)

CASH FLOW FROM OPERATING ACTIVITIES

Excess Revenues over expenses

(US$19,943.00)

(US$72,420.00)

US$219,112.00

Adjustments to reconcile cash provided (used) in operations

Depreciation

US$21,311.00

US$26,396.00

US$36,452.00

Decrease (increase) in accounts receivable

(US$38,475.00)

US$132,160.00

(US$110,950.00)

Decease (increase) in prepaid expenses

US$307.00

(US$314.00)

(US$2,640.00)

Increase (decrease) in accounts payable

US$41,755.00

(US$34,875.00)

US$64,250.00

Increase (decrease) in accrued payroll and related expenses

US$5,976.00

(US$11,934.00)

US$20,405.00

Decrease (increase) in other assets

US$0.00

US$0.00

(US$116.00)

Net cash provided (used) in operations

US$10,931.00

US$39,013.00

US$226,513.00

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of capital items

(US$248,787.00)

(US$17,227.00)

(US$154,649.00)

Net cash used by investing activities

(US$248,787.00)

(US$17,227.00)

(US$154,649.00)

CASH FLOW FROM FINANCING ACTIVITIES

Net proceeds from refinancing of loan

US$180,000.00

US$3,539.00

US$0.00

Decrease in loans

(US$2,468.00)

(US$6,997.00)

(US$7,913.00)

Capital lease obligations

US$0.00

US$0.00

US$2,243.00

Principle payments on capital lease obligation

US$0.00

US$0.00

(US$127.00)

Net cash provided (used) in financing activities

US$177,532.00

(US$3,458.00)

(US$5,797.00)