The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike RoeComputers.MIKE ROE COMPUTERSIncome StatementFor the Year Ended December 31, 2021($ in millions)Sales$150.20(90.10)Cost of goods soldGross marginSalaries expense60.10$20.20Insurance expense12.20Depreciation expenseInterest expense5.106.10(43.60)Gains and losses:Gain on sale of equipment12.20Loss on sale of land(3.20)Income before tax25.50Income tax expense(12.75)Net income$ 12.75Reconciliation of Net Incometo Net Cash Flowsfrom Operating Activities($ in millions)Net income$ 12.75Adjustments for noncash effects:Decrease in accounts receivable5.10Gain on sale of equipmentIncrease in inventoryIncrease in accounts payableIncrease in salaries payableDepreciation expense(12.20)(6.10)9.103.105.10Decrease in bond discount3.05Decrease in prepaid insurance2.10Loss on sale of land3.20Increase in income tax payable6.10Net cash flows from operating activities$ 31.30 Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answersin millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should beindicated with a minus sign.)Cash Flows from Operating Activities:Cash received from customers$155.30Cash paid to suppliersCash paid to employeesCash paid for interestCash paid for insuranceCash paid for income taxesNet cash flows from operating activities$155.30< Required 1Required 2 >|%24

Cash flow statement: This is the statement that shows the cash inflow and outflow. This statement is…

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Cash received from customers 2$ 155.30 Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for insurance Cash paid for income taxes Net cash flows from operating activities 2$ 155.30 < Required 1 Required 2 >

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Cash received from customers 2$ 155.30 Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for insurance Cash paid for income taxes Net cash flows from operating activities 2$ 155.30 < Required 1 Required 2 >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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