MOSS COMPANYSelected Balance Sheet InformationDecember 31, 2019 and 201820192018Current assets$84,65025, 00060,000Cash$26,80032, е0054, 100Accounts receivableInventoryCurrent liabilitiesAccounts payableIncome taxes payable30,4002,05025,7002,200MOSS COMPANYIncome StatementFor Year Ended December 31, 2019Sales$ 515,000331,600183,400Cost of goods soldGross profitOperating expensesDepreciation expenseOther expensesIncome before taxes$ 36,000121,500157,50025,9007,700Income taxes expenseNet income$ 18,200< Prev6 of 14Next > Income taxes expenseNet income$ 18,200Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deductedshould be indicated by a minus sign.)Cash flows from operating activities:Net incomeAdjustments to reconcile net income to operating cash flowDepreciation$4< Prev6 of 14Next >

Solution: Cash flow statement is the statement which represents the flows of cash transactions…

2018 Current assets $84,650 25,000 60, 000 Cash $26,800 32, еее 54,100 Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable 30,400 2,050 25,700 2,200 MOSS COMPANY Income Statement For Year Ended December 31, 2019 ales $ 515,000 331,6ее 183,400 ost of goods sold ross profit perating expenses Depreciation expense Other expenses $ 36,000 121,500 ncome before taxes ncome taxes expense et income 157,500 25,900 7,700 $ 18,200

2018 Current assets $84,650 25,000 60, 000 Cash $26,800 32, еее 54,100 Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable 30,400 2,050 25,700 2,200 MOSS COMPANY Income Statement For Year Ended December 31, 2019 ales $ 515,000 331,6ее 183,400 ost of goods sold ross profit perating expenses Depreciation expense Other expenses $ 36,000 121,500 ncome before taxes ncome taxes expense et income 157,500 25,900 7,700 $ 18,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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