The net income reported on the income statement for the current year was $300,400. Depreciation recorded on equipment an...
The net income reported on the income statement for the current year was $300,400. Depreciation recorded on equipment and a building amounted to $89,800 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 | $81,110 | $85,980 | ||
| Accounts receivable (net) | 102,850 | 106,100 | ||
| Inventories | 202,780 | 182,790 | ||
| Prepaid expenses | 11,270 | 12,120 | ||
| Accounts payable (merchandise creditors) | 90,600 | 95,950 | ||
| Salaries payable | 13,060 | 11,950 | ||
a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
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The net income reported on the income statement for the current year was $300,400. Depreciation recorded on equipment an...
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The net income reported on the income statement for the current year was $295,306. Depreciation recorded on fixed assets and amortization of patents for the year were $35,984 and $11,635, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Cash $55,258 Accounts Receivable 125,663 Inventories 108,205 Prepaid Expenses 4,229 Accounts Payable (merchandise creditors) 52,884 What is the amount of cash flows from operating activities reported on...
The net income reported on the income statement for the current year was $299,310. Depreciation recorded on fixed assets and amortization of patents for the year were $31,653 and $11,277, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $40,409 Accounts Receivable 123,538 105,661 $54,459 102,434 85,012 7,461 Inventories Prepaid Expenses Accounts Payable (merchandise creditors) 4,777 48,911 63,828 What is the amount of cash...
The net income reported on the income statement for the current year was $270,163. Depreciation recorded on fixed assets and amortization of patents for the year were $36,150 and $9,124, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,195 129,824 107,719 Accounts Receivable Inventories Prepaid Expenses Accounts Payable (merchandise creditors) $61,098 106,421 96,979 6,519 63,630 3,550 45,073 What is the amount of cash...
The net income reported on the income statement for the current year was $253,094. Depreciation recorded on fixed assets and amortization of patents for the year were $36,132 and $8,113, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $55,345 $40,432 Accounts Receivable 121,643 104,804 Inventories 101,904 95,492 Prepaid Expenses 3,490 7,401 Accounts Payable (merchandise creditors) 49,019 69,565 What is the amount of cash...
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