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accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable 2021 2020 $69,000 $49,400 55,500 6,200 33,300 9,400 10,400 74,000 4,750 40,400 6,200 5,050 Crane's statement of income reported the following selected information for the year ended March 31, 2021: sales were $890,000, cost of goods sold was $495,000, other operating expenses were $220,000 (which included depreciation expense of $21,000), salar expense was $41,000, and income tax expense was $15,800. Calculate net cash provided (used) by operating activities using the dir method.

accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable 2021 2020 $69,000 $49,400 55,500 6,200 33,300 9,400 10,400 74,000 4,750 40,400 6,200 5,050 Crane's statement of income reported the following selected information for the year ended March 31, 2021: sales were $890,000, cost of goods sold was $495,000, other operating expenses were $220,000 (which included depreciation expense of $21,000), salar expense was $41,000, and income tax expense was $15,800. Calculate net cash provided (used) by operating activities using the dir method.

FINANCIAL ACCOUNTING
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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How do I organize this statement of cash flows using the direct method?

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The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable 2021 $69,000 55,500 6,200 33,300 9,400 10,400 2020 $49,400 74,000 4,750 40,400 6,200 5,050 Crane's statement of income reported the following selected information for the year ended March 31, 2021: sales were $890,000, cost of goods sold was $495,000, other operating expenses were $220,000 (which included depreciation expense of $21,000), salaries expense was $41,000, and income tax expense was $15,800. Calculate net cash provided (used) by operating activities using the direct method.
Transcribed Image Text:The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable 2021 $69,000 55,500 6,200 33,300 9,400 10,400 2020 $49,400 74,000 4,750 40,400 6,200 5,050 Crane's statement of income reported the following selected information for the year ended March 31, 2021: sales were $890,000, cost of goods sold was $495,000, other operating expenses were $220,000 (which included depreciation expense of $21,000), salaries expense was $41,000, and income tax expense was $15,800. Calculate net cash provided (used) by operating activities using the direct method.
Operating activities Cash payments CRANE CORPORATION Statement of Cash Flows (Partial) < < < LA 10 LA $
Transcribed Image Text:Operating activities Cash payments CRANE CORPORATION Statement of Cash Flows (Partial) < < < LA 10 LA $
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