FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 11-8A (Algo) Prepare an income statement using operating cash flow information-indirect and
direct methods (LO11-3, 11-7)
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All
amounts are in thousands (000s).
Cash Flows from Operating Activities (Indirect method)
Net income
Adjustments to reconcile net income to net cash flows from operating
activities:
Depreciation expense
Increase in accounts receivable
Decrease in inventory
Increase in prepaid rent
Decrease in accounts payable
Decrease in income tax payable
Net cash flows from operating activities
Cash Flows from Operating Activities (Direct method)
Cash received from customers
Cash paid to suppliers
Cash paid for operating expenses
Cash paid for income taxes
Net cash flows from operating activities
REVERSE LOGIC
Income Statement
For the Year Ended December 31, 2024
Net sales
Expenses:
Cost of goods sold
Operating expenses
Depreciation
expense
Income tax expense
Total expenses
Net income
Required:
Complete the following income statement for Reverse Logic. Assume all accounts payable are to suppliers. (Enter your
answers in thousands (i.e., 10,000,000 should be entered as "10,000).)
57
$
$169
169
57
(33)
45
(3)
(21)
(7)
$
4,045
(2,590)
(1,156)
(92)
$207
$207
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Transcribed Image Text:Problem 11-8A (Algo) Prepare an income statement using operating cash flow information-indirect and direct methods (LO11-3, 11-7) Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable Net cash flows from operating activities Cash Flows from Operating Activities (Direct method) Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities REVERSE LOGIC Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Required: Complete the following income statement for Reverse Logic. Assume all accounts payable are to suppliers. (Enter your answers in thousands (i.e., 10,000,000 should be entered as "10,000).) 57 $ $169 169 57 (33) 45 (3) (21) (7) $ 4,045 (2,590) (1,156) (92) $207 $207
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