The net income reported on the income statement for the current year was $149,900. Depreciation recorded on store equipment for the year amounted to $24,700. Balances of the current asset and current liability accounts at beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,660 $54,290 Accounts receivable (net) 42,780 40,120 Inventories 58,410 61,080 Prepaid expenses 6,560 5,160 Accounts payable (merchandise creditors) 55,900 51,360 Wages payable 30,550 33,550 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when

The net income reported on the income statement for the current year was $149,900. Depreciation recorded on store equipment for the year amounted to $24,700. Balances of the current asset and current liability accounts at beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,660 $54,290 Accounts receivable (net) 42,780 40,120 Inventories 58,410 61,080 Prepaid expenses 6,560 5,160 Accounts payable (merchandise creditors) 55,900 51,360 Wages payable 30,550 33,550 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.1MBA

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The net income reported on the income statement for the current year was $152,300. Depreciation recorded on store equipment for the year amounted to $25,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $61,530 $55,990 Accounts receivable (net) 44,120 41,380 Inventories 60,240 62,990 Prepaid expenses 6,770 5,320 Accounts payable (merchandise creditors) 57,650 52,970 Wages payable 31,500 34,600 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankblank Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income Adjustments to reconcile net income to net cash flows from…
The net income reported on the income statement for the current year was $128,600. Depreciation recorded on store equipment for the year amounted to $21,200. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $51,950 $47,270 Accounts receivable (net) 37,250 34,930 Inventories 50,860 53,180 Prepaid expenses 5,710 4,490 Accounts payable (merchandise creditors) 48,680 44,720 Wages payable 26,600 29,210 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Please avoid answers in image format thank you
The net income reported on the income statement for the current year was $143,700. Depreciation recorded on store equipment for the year amounted to $23,700. 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 $55,900 $51,430 Accounts receivable (net) 40,080 38,010 Inventories 54,730 57,860 Prepaid expenses 6,150 4,890 Accounts payable (merchandise creditors) 52,380 48,650 Wages payable 28,620 31,780 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
The net income reported on the income statement for the current year was $311,700. Depreciation recorded on equipment and a building amounted to $93,200 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $78,550 $83,260 Accounts receivable (net) 99,600 102,740 Inventories 196,380 177,010 Prepaid expenses 10,920 11,740 Accounts payable (merchandise creditors) 87,740 92,920 Salaries payable 12,650 11,570 Question Content Area a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankblankStatement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income…
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