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balance sheets: Account Title Accounts receivable Prepaid rent Utilities payable Other operating expenses payable The Year 2 income statement is shown next: Sales Rent expense Income Statement Utilities expense Other operating expenses Net Income Year 2 $ 71,300 $ 322,000 (23,300) (35,600) (167,800) $ 95,300 730 1,570 32,900 Cash Flows from Operating Activities-Direct Method Cash flows from operating activities: Year 1 $ 81,500 920 1,030 35,500 Required a. Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

balance sheets: Account Title Accounts receivable Prepaid rent Utilities payable Other operating expenses payable The Year 2 income statement is shown next: Sales Rent expense Income Statement Utilities expense Other operating expenses Net Income Year 2 $ 71,300 $ 322,000 (23,300) (35,600) (167,800) $ 95,300 730 1,570 32,900 Cash Flows from Operating Activities-Direct Method Cash flows from operating activities: Year 1 $ 81,500 920 1,030 35,500 Required a. Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

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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Vikrambhai 

balance sheets: Account Title Accounts receivable Prepaid rent Utilities payable Other operating expenses payable The Year 2 income statement is shown next: Sales Rent expense Income Statement Utilities expense Other operating expenses Net Income Year 2 $ 71,300 $ 322,000 (23,300) (35,600) (167,800) $ 95,300 Net cash flow from operating activities Cash Flows from Operating Activities-Direct Method Cash flows from operating activities: 730 1,570 32,900 Required a. Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Year 1 $ 81,500 920 1,030 35,500 0
Transcribed Image Text:balance sheets: Account Title Accounts receivable Prepaid rent Utilities payable Other operating expenses payable The Year 2 income statement is shown next: Sales Rent expense Income Statement Utilities expense Other operating expenses Net Income Year 2 $ 71,300 $ 322,000 (23,300) (35,600) (167,800) $ 95,300 Net cash flow from operating activities Cash Flows from Operating Activities-Direct Method Cash flows from operating activities: 730 1,570 32,900 Required a. Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Year 1 $ 81,500 920 1,030 35,500 0
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