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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 $ 85,000 71,000 34,000 32,200 8,700 $ (60,900) Statement of Cash Flows (partial) 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. Cash flows from operating activities-indirect method Adjust to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 23,000 21,000 Changes in current operating assets and liabilities 24,000 15,000

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 $ 85,000 71,000 34,000 32,200 8,700 $ (60,900) Statement of Cash Flows (partial) 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. Cash flows from operating activities-indirect method Adjust to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 23,000 21,000 Changes in current operating assets and liabilities 24,000 15,000

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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Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses: Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash 71,000 Salaries payable increase 34,000 Interest payable decrease 32,200 8,700 $ (60,900) Salaries expense Utilities expense Depreciation expense Interest expense Net loss 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. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 23,000 21,000 24,000 15,000 Changes in current operating assets and liabilities
Transcribed Image Text:Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses: Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash 71,000 Salaries payable increase 34,000 Interest payable decrease 32,200 8,700 $ (60,900) Salaries expense Utilities expense Depreciation expense Interest expense Net loss 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. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 23,000 21,000 24,000 15,000 Changes in current operating assets and liabilities
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