Hampton Company reports the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable increase $160,000 Inventory decrease $10,000 16,000 1,000 100,000 Salaries payable increase 24,000 12,000 $ 24,000 Income Statement Data Sales Expenses Cost of goods sold Salaries expense Depreciation expense Net income Required: Prepare the operating activities section of the statement of cash flows for Hampton Company using the indirect method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Cash flows from operating activities Net income $ 24,000 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Accounts receivable decrease Changes in current operating assets and liabilities Salaries payable increase Accounts receivable increase 00 00 12,000 36,000 1,000 10,000 83,000

Hampton Company reports the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable increase $160,000 Inventory decrease $10,000 16,000 1,000 100,000 Salaries payable increase 24,000 12,000 $ 24,000 Income Statement Data Sales Expenses Cost of goods sold Salaries expense Depreciation expense Net income Required: Prepare the operating activities section of the statement of cash flows for Hampton Company using the indirect method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Cash flows from operating activities Net income $ 24,000 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Accounts receivable decrease Changes in current operating assets and liabilities Salaries payable increase Accounts receivable increase 00 00 12,000 36,000 1,000 10,000 83,000

Name: Hampton Company reports the following information for its recent cale
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Description: Hampton Company reports the following information for its recent calendar year.Selected Year-End Balance Sheet DataAccounts receivable increase$160,000$10,000Inventory decrease100,000 Salaries payable increase16,0001,000Income Statement DataSalesExp

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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