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.

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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