Identify how each of the following adjustments is reflected in the operating activities section of a...
Identify how each of the following adjustments is reflected in the operating activities section of a statement of cash flows prepared using the indirect method by selecting appropriate section from the drop down list.
| Nonoperating losses |
Add to Net Income or Deduct from Net Income |
| Nonoperating gains |
Deduct from Net Income Add to Net Income |
| Increases in current liabilities |
Deduct from Net Income or Add to Net Income |
| Decreases in current liabilities |
Deduct from Net Income or Add to Net Income |
Homework Answers
Nonoperating losses : Add to Net Income
Nonoperating losses includes depreciation, amortization, loss on
sale of equipment, etc
Nonoperating gains : Deduct from Net Income
Nonoperating gains includes gain from sale of equipment, etc.
Increase in Current Liabilities : Add to Net Income
Decrease in Current Liabilities : Deduct from Net Income
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Identify how each of the following adjustments is reflected in
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Need help ASAP! Cash Flows from Operating Activities --Indirect Method The net income reported on the...
Need help ASAP!
Cash Flows from Operating Activities --Indirect Method The net income reported on the income statement for the current year was $124,900. Depreciation recorded on store equipment for the year amounted to $20,600. 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 $49,460 $45,010 Accounts receivable (net) 35,460 33,260 Inventories 48,420 50,640 Prepaid expenses 5,440 4,280 Accounts payable (merchandise creditors)...
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Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $128,100. Depreciation recorded on store equipment for the year amounted to $21,100. 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 $51,370 $46,750 Accounts receivable (net) 36,830 34,550 Merchandise inventory 50,290 52,590 Prepaid expenses 5,650 4,440 Accounts payable (merchandise creditors) 48,130 44,230 Wages...
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cash flows from operating activities - indirect method the net
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Need help ASAP!
Cash Flows from Operating Activities --Indirect Method The net income reported on the income statement for the current year was $124,900. Depreciation recorded on store equipment for the year amounted to $20,600. 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 $49,460 $45,010 Accounts receivable (net) 35,460 33,260 Inventories 48,420 50,640 Prepaid expenses 5,440 4,280 Accounts payable (merchandise creditors)...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $128,100. Depreciation recorded on store equipment for the year amounted to $21,100. 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 $51,370 $46,750 Accounts receivable (net) 36,830 34,550 Merchandise inventory 50,290 52,590 Prepaid expenses 5,650 4,440 Accounts payable (merchandise creditors) 48,130 44,230 Wages...
Cash Flows from Operating Activities-Indirect Method Operating Activities Indirect Method The net income reported on the income statement for the current year was $146,300. Depreciation recorded on store equipment for the year amounted to $24,100. 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 $56,760 $52,220 Accounts receivable (net) 40,700 38,590 Merchandise inventory 55,570 58,750 6,240 4,960 Prepaid expenses Accounts payable (merchandise...
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