Calculating Net Cash Flow from Operating Activities (Indirect Method) Lincoln Company owns no plant assets and reported the following income statement for the current year: Sales Cost of Goods Sold $470,000 110,000 42,000 Insurance Expense 15,000 637,000 Net Income $123,000 Wages Expense Rent Expense $760,000 Additional balance sheet information about the company follows: End of Year Beginning of Year $54,000 $49,000 60,000 66,000 8,000 7,000 22,000 18,000 9,000 11,000 Accounts Receivable Inventory Prepaid Insurance Accounts Payable Wages Payable Use the information to a. Calculate the net cash flow from operating activities under the indirect method. $ 125000 Compute Lincoln Company's operating cash flow to current liabilities (OCFCL) ratio. (Assume b. current liabilities consist of accounts payable and wages payable.) (Round your answer to two decimal places.)

Calculating Net Cash Flow from Operating Activities (Indirect Method) Lincoln Company owns no plant assets and reported the following income statement for the current year: Sales Cost of Goods Sold $470,000 110,000 42,000 Insurance Expense 15,000 637,000 Net Income $123,000 Wages Expense Rent Expense $760,000 Additional balance sheet information about the company follows: End of Year Beginning of Year $54,000 $49,000 60,000 66,000 8,000 7,000 22,000 18,000 9,000 11,000 Accounts Receivable Inventory Prepaid Insurance Accounts Payable Wages Payable Use the information to a. Calculate the net cash flow from operating activities under the indirect method. $ 125000 Compute Lincoln Company's operating cash flow to current liabilities (OCFCL) ratio. (Assume b. current liabilities consist of accounts payable and wages payable.) (Round your answer to two decimal places.)

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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