Arundel Company disclosed the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 95,000 74,000 35,000 32,400 7,700 $ (54,100) Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net income Salaries payable decrease Accounts receivable decrease Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Changes in current operating assets and liabilities Net cash provided by operating activities $ (16,000) 14,600 $ 27,000 23,000 27,000 18,000 (1,400)

Arundel Company disclosed the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 95,000 74,000 35,000 32,400 7,700 $ (54,100) Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net income Salaries payable decrease Accounts receivable decrease Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Changes in current operating assets and liabilities Net cash provided by operating activities $ (16,000) 14,600 $ 27,000 23,000 27,000 18,000 (1,400)

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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