Problem 15-1 The Prince Company reported net income of $260,000 for the current year. Depreciation recorded...
Problem 15-1
The Prince Company reported net income of $260,000 for the current year. Depreciation recorded on buildings and equipment amounted to $90,000 for the year. Balances of the current asset and current liability accounts for 20X0 and 20X1 are as follows:
| 20X1 | 20X0 | |
| Cash | $20,000 | $15,000 |
| Accounts receivable | 19,000 | 32,000 |
| Inventories | 50,000 | 65,000 |
| Prepaid expenses | 7,500 | 5,000 |
| Accounts payable | 12,000 | 18,000 |
| Income taxes payable | 1,600 | 1,200 |
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Amounts to be subtracted should be indicated by a minus sign.
| Prince Company | |
| Operating Activities Section | |
| $ | |
| Add (deduct) adjusting items: | |
| Net cash from operating activities: | $ |
Homework Answers
| Prince Company | |
| Operating Activities Section | |
| Net income | $260000 |
| Add (deduct) adjusting items: | |
| Depreciation | 90000 |
| Decrease in accounts receivable | 13000 |
| Decrease in inventory | 15000 |
| Increase in prepaid expense | (2500) |
| Decrease in accounts payable | (3000) |
| Increase in income tax payable | 400 |
| Net cash from operating activities: | $372900 |
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Problem 15-1
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