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Use the information above to calculate cash flows from operating activities using the indin Note: Amounts to be deducted should be indicated by a minus sign

Use the information above to calculate cash flows from operating activities using the indin Note: Amounts to be deducted should be indicated by a minus sign

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 48E: Preparing Net Cash Flows from Operating Activities-Direct Method Colassard Industries has the...
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Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
Transcribed Image Text:Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 87,650 28,000 63,000 36,400 2,350 2020 $ 545,000 343,600 34,400 12,100 $ 22,300 $ 29,800 38,000 54,700 201,400 125,000 42,000 28,700 2,800 Use the information above to calculate cash flows from operating activities using the indir Note: Amounts to be deducted should be indicated by a minus sign.
Transcribed Image Text:MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 87,650 28,000 63,000 36,400 2,350 2020 $ 545,000 343,600 34,400 12,100 $ 22,300 $ 29,800 38,000 54,700 201,400 125,000 42,000 28,700 2,800 Use the information above to calculate cash flows from operating activities using the indir Note: Amounts to be deducted should be indicated by a minus sign.
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