2:57 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable: Inventory Current liabilities. Accounts payable Income taxes payable $ 87,650 28,000 63,000 36,400 2,350 $ 545,000 343, 600 201, 400 2020 125,000 42,000 34,400 12, 100 $ 22,300 $ 29,800 38,000 54,700 28,700 2,800 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign.
2:57 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable: Inventory Current liabilities. Accounts payable Income taxes payable $ 87,650 28,000 63,000 36,400 2,350 $ 545,000 343, 600 201, 400 2020 125,000 42,000 34,400 12, 100 $ 22,300 $ 29,800 38,000 54,700 28,700 2,800 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:52:57
MOSS COMPANY
Income Statement
For Year Ended December 31, 2021
Sales
Cost of goods sold
Gross profit
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes.
Income taxes expense
Net income
MOSS COMPANY
Selected Balance Sheet Information
2021
At December 31
Current assets
Cash
Accounts receivable.
Inventory
Current liabilities.
Accounts payable
Income taxes payable
$ 87,650
28,000
63,000
36,400
2,350
$ 545,000
343, 600
201, 400
2020
125,000
42,000
34,400
12, 100
$ 22,300
$ 29,800
38,000
54,700
28,700
2,800
Use the information above to calculate cash flows from operating activities using the indirect method.
Note: Amounts to be deducted should be indicated by a minus sign.
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