18Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P519The following income statement and additional year-end information is provided.SONAD COMPANYIncome Staterent-For Year Ended December 31SalesCost of goods soldGross profitOperating expensesSalaries expenseDepreciation expenseRent expenseAmortization expenses-PatentsUtilities expense$ 342,226$ 2,498,0001,224,0201,273,98059,95267,4467,49427,478584,596Gain on sale of equipmentNet income769,3849,992$779,376Accounts receivable $ 43,850 increase Accounts payableInventory14,975 increase Salaries payable$ 13,925 decrease1,500 decreasePrepare the operating activities section of the statement of cash flows using the direct method.Note: Amounts to be deducted should be indicated with a minus sign.Answer is not complete.Statement of Cash Flows (Partial)Cash flows from operating activitiesPayments for inventoryPayments for rentPayments for salariesReceipts from customers$0

Depreciation and amortization are non-cash expenses.

Answered: 18 Exercise 16-20B (Algo) Direct: Cash…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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11 Compute Cash Flow from Operating Activities from the following details: Particulars Trade Receivables: Debtors CA Bills Receivable CA Trade Payables: Creditors CL Bills Payable CL L Expenses Outstanding Accrued Income CAT Depreciation on Fixed Assets No + Surplus, i.e., Balance in Statement of Profit & Loss 31st March, 2023 (R) 50,000 23,000 28,000 22,000 4,500 9,000 5,000 90,000 31st March 2022 ) 60,000 25,000 32,000 35,000 3,500 8,000 4,000 80,000
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Smith Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5240000 O $5790640. O $4063360. O $6416640. O $5240000. 712640 151000 313000 Smith should report cash provided by operating activities of
Current Attempt in Progress Lee Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5180000 $3979520. $5180000. $6380480. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities of
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Question Content Area The following information is available from the current period financial statements: Net income $102,978 Depreciation expense 26,870 Increase in accounts receivable 15,293 Decrease in accounts payable (29,031) The net cash flows from operating activities using the indirect method is

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