The following information was obtained from Galena Company's Comparative Balance Sheets. Assume Galena Company 2020 Income statement showed depreciation expense of $9,000 and a net income of $60,000. In addition, the Long Term investment account changed due to a sale that resulted in an $11,000 gain. The PPE account changed due to purchase of PPE with $43,000 cash. Prepare the cash flow statement under the Indirect Method. Мaу 31, 2020 Мaу 31, 2019 Cash.. .$19,000 $10,000 Accounts Receivable... $45,000 $35,000 Inventory.. „$55,000 $49,000 Prepaid Rent. $9,000 $7,000 Long Term Investments.. „$20,000 $34,000 PPE. „$150,000 $107,000 Accumulated Depreciation. $42,000 $33,000 Accounts Payable.. .$26,000 $20,000 Income Tax Payable. $4,000 $6,000 Common Stock.. $92,000 $92,000 Retained Earnings. .$134,000 $91,000

The following information was obtained from Galena Company's Comparative Balance Sheets. Assume Galena Company 2020 Income statement showed depreciation expense of $9,000 and a net income of $60,000. In addition, the Long Term investment account changed due to a sale that resulted in an $11,000 gain. The PPE account changed due to purchase of PPE with $43,000 cash. Prepare the cash flow statement under the Indirect Method. Мaу 31, 2020 Мaу 31, 2019 Cash.. .$19,000 $10,000 Accounts Receivable... $45,000 $35,000 Inventory.. „$55,000 $49,000 Prepaid Rent. $9,000 $7,000 Long Term Investments.. „$20,000 $34,000 PPE. „$150,000 $107,000 Accumulated Depreciation. $42,000 $33,000 Accounts Payable.. .$26,000 $20,000 Income Tax Payable. $4,000 $6,000 Common Stock.. $92,000 $92,000 Retained Earnings. .$134,000 $91,000

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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of Take me to the text Squash Incorporated had net income for 2023 of $382,000. Included on the income statement was a loss on sale of equipment of $4,900, a gain on sale of investments of $16,300, depreciation of $7,300, loss on retirement of debt of $10,600, and interest of $3,200. Calculate the net cash provided (used) by operating activities using the indirect method Assume that the balances of current assets (except cash) and current liabilities remain the same as last year. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities $-385400 Check *
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