The net income reported on the income statement for the current year was $143,700. Depreciation recorded on store equipment for the year amounted to $23,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $55,900 $51,430 Accounts receivable (net) 40,080 38,010 Inventories 54,730 57,860 Prepaid expenses 6,150 4,890 Accounts payable (merchandise creditors) 52,380 48,650 Wages payable 28,620 31,780 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

The net income reported on the income statement for the current year was $143,700. Depreciation recorded on store equipment for the year amounted to $23,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $55,900 $51,430 Accounts receivable (net) 40,080 38,010 Inventories 54,730 57,860 Prepaid expenses 6,150 4,890 Accounts payable (merchandise creditors) 52,380 48,650 Wages payable 28,620 31,780 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.1MBA

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The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of YearCash $23,500 $18,700Accounts receivable (net) 56,000 48,000Merchandise inventory 35,500 40,000Prepaid expenses 4,750 7,000Accounts payable (merchandise…
The net income reported on the income statement for the current year was $142,900. Depreciation recorded on store equipment for the year amounted to $23,600. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $55,020 $50,070 Accounts receivable (net) 39,450 37,000 Inventories 53,860 56,330 Prepaid expenses 6,050 4,760 Accounts payable (merchandise creditors) 51,550 47,370 Wages payable 28,170 30,940 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: $ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current…
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The net income reported on the income statement for the current year was $132,100. Depreciation recorded on store equipment for the year amounted to $21,800. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $51,250 $46,640 Accounts receivable (net) 36,750 34,470 Merchandise inventory 50,170 52,470 Prepaid expenses 5,640 4,430 Accounts payable (merchandise creditors) 48,020 44,120 Wages payable 26,240 28,820 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankStatement of Cash Flows (partial)blank Cash flows from operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating…
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	End of Year	Beginning of Year
Cash	$55,900		$51,430
Accounts receivable (net)	40,080		38,010
Inventories	54,730		57,860
Prepaid expenses	6,150		4,890
Accounts payable (merchandise creditors)	52,380		48,650
Wages payable	28,620		31,780