Hello, I am sending this question in two parts, I am having problems creating a state...
Hello,
I am sending this question in two parts, I am having problems creating a state of cash flows for the year.
Hello,
This is the second part of my original question.
The company reported net income this year as follows:
| Sales | $ | 2,000,000 | ||||
| Cost of goods sold | 1,300,000 | |||||
| Gross margin | 700,000 | |||||
| Selling and administrative expenses | 490,000 | |||||
| Net operating income | 210,000 | |||||
| Nonoperating items: | ||||||
| Gain on sale of investments | $ | 60,000 | ||||
| Loss on sale of equipment | (20,000 | ) | 40,000 | |||
| Income before taxes | 250,000 | |||||
| Income taxes | 80,000 | |||||
| Net income | $ | 170,000 |
Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.)
Homework Answers
CASH FLOW STATEMENT AS PER INDIRECT METHOD :
1 . CASH FLOWS FROM OPERATING ACTIVITIES :
Net Income $ 170,000
Loss on sale of equipment $ 20,000
Gain on sale of investments ( $ 60,000)
_____________
$ 130,000
2. CASH FLOWS FROM INVESTING ACTIVITIES :
Gain on sale of investments $ 60,000
Loss on sale of equipment ($ 20,000)
____________ $ 40,000
Net cash flow from ooerating ans investing activities is $170,000
Add Answer to:
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solutions section (where I drew a blue arrow). Please provide your
response and all side calculations in Word or Excel format as it is
easy to read. I appreciate it.
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Accounts receivable
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25
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Accrued liabilities
$
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