EA7. LO 16.3 Use the following information from Chocolate Company's financial statements to determine operating net cash flows (indirect method). Income Statement Balance Sheet Sales Cost of Goods Sold Salaries Expense Depreciation Expense Net Income Accounts Receivable decrease Merchandise Inventory increase Salaries Payable increase $ 98,500 (62,000) (18,000) (9,000) 9,500 $2,000 1,600 450
EA7. LO 16.3 Use the following information from Chocolate Company's financial statements to determine operating net cash flows (indirect method). Income Statement Balance Sheet Sales Cost of Goods Sold Salaries Expense Depreciation Expense Net Income Accounts Receivable decrease Merchandise Inventory increase Salaries Payable increase $ 98,500 (62,000) (18,000) (9,000) 9,500 $2,000 1,600 450
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.18E
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determine operating
Transcribed Image Text:EA7. LO 16.3 Use the following information from Chocolate Company's financial statements to determine
operating net cash flows (indirect method).
Income Statement Balance Sheet
Sales
Cost of Goods Sold
Salaries Expense
Depreciation Expense
Net Income
Accounts Receivable decrease
Merchandise Inventory increase
Salaries Payable increase
$ 98,500
(62,000)
(18,000)
(9,000)
9,500
$2,000
1,600
450
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