Homework Help is Here – Start Your Trial Now!
Business
Accounting
aner 13 Homework * CengageNoWV2 | Onlin X genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3&inprogress=false eBook Show Me How Calculator Print Item Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $127,400. Depreciation recorded on store equipment for the year amounted to $21,000. Balances of the current asset and current liabiljty accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $50,320 $45,790 Accounts receivable (net) 36,080 33,840 Inventories 49,260 51,510 Prepaid expenses 5,540 4,350 Accounts payable (merchandise creditors) 47,150 43,320 Wages payable 25,760 28,300 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. CengageNOW2|Onlin X now.com/ilm/takeAssignment/takeAssignmentMain.dotinvoker &takeAssignmentSessionlocator &inprogress-false Statement of Cash Flows (partal) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and labilities: Net cash flow from operating activities b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when Next Check My Work

aner 13 Homework * CengageNoWV2 | Onlin X genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3&inprogress=false eBook Show Me How Calculator Print Item Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $127,400. Depreciation recorded on store equipment for the year amounted to $21,000. Balances of the current asset and current liabiljty accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $50,320 $45,790 Accounts receivable (net) 36,080 33,840 Inventories 49,260 51,510 Prepaid expenses 5,540 4,350 Accounts payable (merchandise creditors) 47,150 43,320 Wages payable 25,760 28,300 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. CengageNOW2|Onlin X now.com/ilm/takeAssignment/takeAssignmentMain.dotinvoker &takeAssignmentSessionlocator &inprogress-false Statement of Cash Flows (partal) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and labilities: Net cash flow from operating activities b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when Next Check My Work

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

1st part of question I couldn't get everything in one picture 

aner 13 Homework * CengageNoWV2 | Onlin X genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3&inprogress=false eBook Show Me How Calculator Print Item Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $127,400. Depreciation recorded on store equipment for the year amounted to $21,000. Balances of the current asset and current liabiljty accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $50,320 $45,790 Accounts receivable (net) 36,080 33,840 Inventories 49,260 51,510 Prepaid expenses 5,540 4,350 Accounts payable (merchandise creditors) 47,150 43,320 Wages payable 25,760 28,300 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
Transcribed Image Text:aner 13 Homework * CengageNoWV2 | Onlin X genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3&inprogress=false eBook Show Me How Calculator Print Item Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $127,400. Depreciation recorded on store equipment for the year amounted to $21,000. Balances of the current asset and current liabiljty accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $50,320 $45,790 Accounts receivable (net) 36,080 33,840 Inventories 49,260 51,510 Prepaid expenses 5,540 4,350 Accounts payable (merchandise creditors) 47,150 43,320 Wages payable 25,760 28,300 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
CengageNOW2|Onlin X now.com/ilm/takeAssignment/takeAssignmentMain.dotinvoker &takeAssignmentSessionlocator &inprogress-false Statement of Cash Flows (partal) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and labilities: Net cash flow from operating activities b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when Next Check My Work
Transcribed Image Text:CengageNOW2|Onlin X now.com/ilm/takeAssignment/takeAssignmentMain.dotinvoker &takeAssignmentSessionlocator &inprogress-false Statement of Cash Flows (partal) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and labilities: Net cash flow from operating activities b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when Next Check My Work
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Database design
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS