Question

Hampton company reports the following information for its recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data Sales $71,000 Accounts receivable increase $10, eee Expenses Inventory decrease 3, see Cost of goods sold 41,00 Salaries payable increase 60e Salaries expense 13, see Depreciation expense 8, eee Net income $ 9, eee rd K Required: Prepare the operating activities section of the statement of cash flows for Hampton Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) ces Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement tems not affecting cash Changes in current operating assets and liabilities S 0 Prev 1 of 8 Next >

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Answer 1

Cash flow from operating Activities Net Income B 900o Ads to be concile nee income Income Statement frem Notaffet Cash Add. Defree c'action $ 8000 Add Changes in Current Asser I hab Inventory Deceease salaries sajalla Inveease $ 3000 $ 600 Less Accounts Recolovee Inveease floooo Neo Cash Provided ly operating Activities $10,600 ve Cash flow from herating Activities $ 394 000 Cash Net Income Adjustmed to reconcile Net Income Income staternet Hem Not affecting Add Dehoreciation Anostization less Gain on sale of llout Asset Add $47,200 $7700 $ Hoo Add Changes in Current Assets / L'acilities Accounts Receivable Devease Inventory decrease Salary Payable increase $167.000 $43500 $ 1600 Prehaid Expense increase & Sloo Accounts Payalee Decrease -$ 9700 Her fast fooutdod ty onerating Activities $639 tou