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

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

Name: Prepare the cash flows from the operating activities section of the s
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Description: Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amountsthat decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)SAGE HILL COMPANYPartial S

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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Congress Corporation's accumulated depreciation—equipment account increased by $5,000, while $3,200 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,800 from the sale of investments. Reconcile a net income of $56,300 to net cash flows from operating activities __________________
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Samuel Company’s accumulated depreciation—equipment account increased by $6,000, while patents decreased by $2,200 between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss of $3,200 from the sale of investments. Assume no changes in noncash current assets and liabilities. Samuel Company reported a net income of $92,000. Determine the net cash flows from (used for) operating activities, using the indirect method. $fill in the blank 1
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