Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2024 fiscal year was $649,000. Depreciation and amortization expense of $92,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in salaries payable Decrease in income taxes payable. $ 27,000 9,700 9,000 10,500 16,000 Required: Prepare the operating activities section of the 2024 statement of cash flows.

Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2024 fiscal year was $649,000. Depreciation and amortization expense of $92,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in salaries payable Decrease in income taxes payable. $ 27,000 9,700 9,000 10,500 16,000 Required: Prepare the operating activities section of the 2024 statement of cash flows.

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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