Question Content Area Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $62,000 $73,000 Accounts Receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 2,800 3,800 Sales (on account) 210,000 Cost of Merchandise Sold 70,000 Operating Expenses Other Than Depreciation 67,000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankCash Flows From The Operating Activities Section Cash flows from (used for) operating activities: $- Select - $- Select - - Select - $- Select -

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
  1. Question Content Area

    Balances of the current asset and current liability accounts at the end and beginning of the year are as follows:

     
    End
    Beginning
    Cash
    $62,000   
    $73,000   
    Accounts Receivable (net)
    75,000   
    60,000   
    Inventories
    54,000   
    47,000   
    Accounts Payable (merchandise creditors)
    43,000   
    37,000   
    Salaries Payable
    2,800   
    3,800   
    Sales (on account)
    210,000   
       
    Cost of Merchandise Sold
    70,000   
       
    Operating Expenses Other Than Depreciation
    67,000   
       

     

    Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

    blankCash Flows From The Operating Activities Section
    Cash flows from (used for) operating activities:  
     
    $- Select -
     
    $- Select -
     
    - Select -
     
    $- Select -
     
  2.  
  3.  
  4.  
  5.  
 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education