Below is a partial listing of the adjusted account balances of Pina Colada at year-end on December 31, 2014: Accounts receivable $26,880 Cost of goods sold 286,720 Selling expenses (includes depreciation) 53,760 Interest expense 3,360 Accumulated depreciation-Building 16,800 Sales discounts 5,600 Inventory 58,240 Administrative expenses (includes depreciation) 72,800 Sales revenue 468,160 Accounts payable 38,080 Interest revenue 560

Below is a partial listing of the adjusted account balances of Pina Colada at year-end on December 31, 2014: Accounts receivable $26,880 Cost of goods sold 286,720 Selling expenses (includes depreciation) 53,760 Interest expense 3,360 Accumulated depreciation-Building 16,800 Sales discounts 5,600 Inventory 58,240 Administrative expenses (includes depreciation) 72,800 Sales revenue 468,160 Accounts payable 38,080 Interest revenue 560

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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The net income reported on the income statement for the current year was $122,100. Depreciation recorded on store equipment for the year amounted to $20,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $47,010 $42,780 Accounts receivable (net) 33,710 31,610 Merchandise inventory 46,020 48,130 Prepaid expenses 5,170 4,060 Accounts payable (merchandise creditors) 44,050 40,470 Wages payable 24,070 26,440 Question Content Area a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
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