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H.A. CONTRACTING CORPORATION <br />STATEMENT OF CASH FLOWS <br />YEAR ENDED DECEMBER 31, 2022 <br />CASH FLOWS FROM OPERATING ACTIVITES <br />Net income 667,023$ <br />Adjustments to reconcile net income to net cash used in <br />operating activities: <br />Depreciation and amortization 12,048 <br />Changes in assets and liabilities: <br />Contract receivables (745,313) <br />Costs and estimated earnings in excess of billings on <br />uncompleted contracts 591,678 <br />Marketable securities 284 <br />Accounts payable and accrued liabilities (1,648,471) <br />Billings in excess of costs and estimated earnings on <br />uncompleted contracts 803,087 <br />Total adjustments (986,687) <br />Net cash used in operating activities (319,664) <br />CASH FLOWS FROM INVESTING ACTIVITES - <br />CASH FLOWS FROM FINANCING ACTIVITES <br />Net proceeds from line of credit 612,174 <br />Repayments of notes payable (15,871) <br />Net cash provided by financing activities 596,303 <br />NET INCREASE IN CASH 276,639 <br />CASH - BEGINNING 685,311 <br />CASH - ENDING 961,950$ <br />Supplemental disclosures: <br />Interest paid 72,599$ <br />Income taxes paid -$ <br />See accompanying notes and independent account's review report. <br />4