FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts
that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
SAGE HILL COMPANY
Partial Statement of Cash Flows
Adjustments to reconcile net income to
Increase in Accounts Receivable
Net Cash Used by Operating Activities
Depreciation Expense
Increase in Accounts Payable
Increase in Inventory
Decrease in Accounts Receivable
Net Cash Provided by Operating Activities
Decrease in Inventory
Decrease in Accounts Payable
Net Income / (Loss)
%24
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Transcribed Image Text:Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SAGE HILL COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to Increase in Accounts Receivable Net Cash Used by Operating Activities Depreciation Expense Increase in Accounts Payable Increase in Inventory Decrease in Accounts Receivable Net Cash Provided by Operating Activities Decrease in Inventory Decrease in Accounts Payable Net Income / (Loss) %24
Sage Hill Company reported net income of $330,000 for the current year. Depreciation recorded on buildings and equipment
amounted to $70,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are
as follows:
End of Year
Beginning of Year
Cash
$27,500
$19,600
Accounts receivable
22,000
40,000
Inventory
50,500
65,000
Accounts payable
10,200
15,900
Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts
that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
SAGE HILL COMPANY
Partial Statement of Cash Flows
Adjustments to reconcile net income to
%24
expand button
Transcribed Image Text:Sage Hill Company reported net income of $330,000 for the current year. Depreciation recorded on buildings and equipment amounted to $70,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $27,500 $19,600 Accounts receivable 22,000 40,000 Inventory 50,500 65,000 Accounts payable 10,200 15,900 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SAGE HILL COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to %24
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