GTI Inc manufactures parts components and processing

equipm
GTI, Inc., manufactures parts, components, and processing equipment for electronics and
semiconductor applications in the communications, computer, automotive, and appliance
industries. Its sales tend to vary with changes in the business cycle because the sales of most
of its customers are cyclical. Exhibit 3.34 presents balance sheets for GTI as of December 31,
Year 7 through Year 9, and Exhibit 3.35 presents income statements for Year 8 and Year
9.Requireda. Prepare a worksheet for the preparation of a statement of cash flows for GTI, Inc.,
for Year 8 and Year 9. Follow the format of Exhibit 3.13 in the text. Notes to the firm’s financial
statements reveal the following (amounts in thousands):(1) Depreciation expense was $641 in
Year 8 and $625 in Year 9. GTI, Inc., did not sell any fixed assets during Year 8 and Year 9.(2)
Other Assets represents patents. Patent amortization was $25 in Year 8 and $40 in Year 9. GTI,
Inc., sold a patent during Year 9 at no gain or loss.(3) Changes in Deferred Income Taxes are
operating activities.b. Discuss the relation between net income and cash flow from operations
and the pattern of cash flows from operating, investing, and financing activities.View Solution:
GTI Inc manufactures parts components and processing equipm
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