Cinderella Company reports net income of $100,000 and Depreciation Expense of $50,000 for the year ending December 31, 2019. There were no gains or losses from the sale of long-term assets. They also have the partial comparative balance sheet shown below: Current Assets: Cash Accounts Receivable Inventory Prepaid Rent Total Current Assets Current Liabilities: Accounts Payable Salaries Payable Total Current Liabilities December 31, 2019 $30,000 160,000 100,000 20,000 $310,000 $50,000 40,000 $90,000 December 31, 2018 $80,000 100,000 70,000 10,000 $260,000 $40,000 90,000 $130,000 Using the indirect method, prepare the operating activities section of the statement of cash flows for the year ending December 31, 2019.

Cinderella Company reports net income of $100,000 and Depreciation Expense of $50,000 for the year ending December 31, 2019. There were no gains or losses from the sale of long-term assets. They also have the partial comparative balance sheet shown below: Current Assets: Cash Accounts Receivable Inventory Prepaid Rent Total Current Assets Current Liabilities: Accounts Payable Salaries Payable Total Current Liabilities December 31, 2019 $30,000 160,000 100,000 20,000 $310,000 $50,000 40,000 $90,000 December 31, 2018 $80,000 100,000 70,000 10,000 $260,000 $40,000 90,000 $130,000 Using the indirect method, prepare the operating activities section of the statement of cash flows for the year ending December 31, 2019.

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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