College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 23, Problem 10SPA
To determine

Prepare a statement of cash flows for Z Company for the year ended December 31, 20-2.

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Net Cash Provided by Operating Activities Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Required: Prepare an answer sheet using the following column headings: For each item, place an X in the Add or Subtract column to indicate whether the dollar amount should be added to or subtracted from net income under the indirect method when computing the net cash provided by operating activities for the year.
Question Content Area The following information is available from the current period financial statements: Net income $102,978  Depreciation expense 26,870  Increase in accounts receivable 15,293  Decrease in accounts payable (29,031) The net cash flows from operating activities using the indirect method is
Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 97,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 5,600 1,980 4,400 880 220 260 220 Prior Year $ 5,800 1,540 4,600 700 160 280 180

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College Accounting, Chapters 1-27

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