Plough Company reported net income of $180,000 for the current year. Depreciation recorded on buildings and...
Plough Company reported net income of $180,000 for the current year. Depreciation recorded on buildings and equipment amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
|
End of Year |
Beginning of Year |
|
Cash |
$20,000 |
$15,000 |
|
Accounts receivable |
24,000 |
32,000 |
|
Inventories |
50,000 |
65,000 |
|
Prepaid expenses |
9,500 |
5,000 |
|
Accounts payable |
12,000 |
18,000 |
|
Income taxes payable |
1,600 |
1,200 |
Instructions
Prepare the cash flows from the operating activities section of the
statement of cash flows using the indirect method.
Homework Answers
| Cash flow from operating activities | |
| Net income | 180000 |
| Adjustment to reconcile net income to net cash flow from operating activities | |
| Depreciation | 80000 |
| Decrease account receivable | 8000 |
| Decrease inventories | 15000 |
| Increase prepaid expense | -4500 |
| Decrease account payable | -6000 |
| Increase income tax payable | 400 |
| Net Cash flow from operating activities | 272900 |
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