Exercise 12-5 The current sections of Windsor, Inc.’s balance sheets at December 31, 2018 and 2019,...
Exercise 12-5
The current sections of Windsor, Inc.’s balance sheets at
December 31, 2018 and 2019, are presented here.
Windsor’s net income for 2019 was $152,200. Depreciation expense
was $24,500.
|
2019 |
2018 |
|||
| Current assets | ||||
| Cash |
$102,400 |
$96,100 |
||
| Accounts receivable |
110,900 |
80,000 |
||
| Inventory |
157,000 |
172,800 |
||
| Prepaid expenses |
26,800 |
25,600 |
||
| Total current assets |
$397,100 |
$374,500 |
||
| Current liabilities | ||||
| Accrued expenses payable |
$15,800 |
$8,700 |
||
| Accounts payable |
86,000 |
95,600 |
||
| Total current liabilities |
$101,800 |
$104,300 |
Prepare the net cash provided by operating activities section of
the company’s statement of cash flows for the year ended December
31, 2019, 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).)
Homework Answers
| Net income | $152,200 |
| Add: Depreciation | 24500 |
| Change in operating asset and operating liability | |
| Accounts receivable (110900-80000) | (30900) |
| Inventory (157000-172800) | 15800 |
| Prepaid expenses (26800-25600) | (1200) |
| Accrued expenses payable (15800-8700) | 7100 |
| Accounts payable (86000-95600) | (9600) |
| Net cash provided by operating activities | $157,900 |
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Exercise 12-5
The current sections of Windsor, Inc.’s balance sheets at
December 31, 2018 and 2019,...
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