Question

EF16-20 (similar to) Assigned Media Question Help O The accounting records of XYZ Sales, Inc. include the following accounts: (Click the icon to view the accounts.) Compute XYZ's net cash provided by used for) operating activities during July 2024. Use the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash and to show net cash used for operating activities. If a box is not used in the table leave the box empty, do not select a label or enter a zero.) i Data Table XYZ Sales, Inc. Statement of Cash Flows (Partial) For the Month Ended July 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Account Cash Accounts Receivable Merchandise Inventory Accounts Payable Beginning Balance Ending Balance $ 5,500 S 2.500 19,000 13,500 21,000 29.000 15,500 20.000 Accumulated Depreciation Equipment Retained Earnings 53,000 Jul. 1 4,000 Depr. Exp. 57,000 Jul 31 Dividends 17,000 67,000 Jul. 1 81.000 Net Inc. 131,000 Jul 31 Net Cash Provided by (Used for) Operating Activities Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ?

Answer 1

Statement of cash flows (Partial)

Particulars	$	$
Cash flow from Operating Activities
Net income		81,000
Add: Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense	4,000
Changes in current operating assets and liabilities:
Decrease in Accounts receivable	5,500
Increase in merchandise Inventory	- 8,000
Increase in Accounts payable	4,500	6,000
Net cash provided by Operating Activities		$87,000

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