Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Monty Corporation had the following 2025 income statement.
Sales revenue
$202,000
Cost of goods sold
132,000
Gross profit
70,000
Operating expenses (includes depreciation of $20,000)
51,000
Net income
$19,000
The following accounts increased during 2025: Accounts Receivable $11,000, Inventory $12,000, and Accounts Payable $14,000.
Prepare the cash flows from operating activities section of Monty's 2025 statement of cash flows using the direct method.
MONTY CORPORATION
Statement of Cash Flows-Direct Method (Partial)
For the Year Ended December 31, 2025
Cash Flows from Operating Activities
Cash Received from Customers
Cash Payment to Suppliers
Cash Payment for Operating Expenses
Net Cash Provided by Operating Activities
S
130000 i
31000 i
191000
30000
$
161000
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Transcribed Image Text:Monty Corporation had the following 2025 income statement. Sales revenue $202,000 Cost of goods sold 132,000 Gross profit 70,000 Operating expenses (includes depreciation of $20,000) 51,000 Net income $19,000 The following accounts increased during 2025: Accounts Receivable $11,000, Inventory $12,000, and Accounts Payable $14,000. Prepare the cash flows from operating activities section of Monty's 2025 statement of cash flows using the direct method. MONTY CORPORATION Statement of Cash Flows-Direct Method (Partial) For the Year Ended December 31, 2025 Cash Flows from Operating Activities Cash Received from Customers Cash Payment to Suppliers Cash Payment for Operating Expenses Net Cash Provided by Operating Activities S 130000 i 31000 i 191000 30000 $ 161000
Headland Corporation had the following 2025 income statement.
Sales revenue
$213,000
Cost of goods sold
109,000
Gross profit
104,000
Operating expenses (includes depreciation of $19,000)
53,000
Net income
$51,000
The following accounts increased during 2025: Accounts Receivable $12,000, Inventory $12,000, and Accounts Payable $13,000.
Prepare the cash flows from operating activities section of Headland's 2025 statement of cash flows using the direct method.
HEADLAND CORPORATION
Statement of Cash Flows-Direct Method (Partial)
$
$
expand button
Transcribed Image Text:Headland Corporation had the following 2025 income statement. Sales revenue $213,000 Cost of goods sold 109,000 Gross profit 104,000 Operating expenses (includes depreciation of $19,000) 53,000 Net income $51,000 The following accounts increased during 2025: Accounts Receivable $12,000, Inventory $12,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Headland's 2025 statement of cash flows using the direct method. HEADLAND CORPORATION Statement of Cash Flows-Direct Method (Partial) $ $
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