Crane Company completed its first year of operations on December 31, 2022. Its initial income statementshowed that Crane had sales revenue of $197,500 and operating expenses of $71,300. Accounts receivableand accounts payable at year-end were $62,400 and $18,300, respectively. Assume that accounts payablerelated to operating expenses. Ignore income taxes.Compute net cash provided by operating activities using the direct method. (Show amounts that decrease cashflow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Net cash provided by operating activitiesGA$84,162

Direct method of net cash operating activities is calculated based on the actual cash inflows and…

Answered: Crane Company completed its first year…

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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Splish Company reported 2020 net income of $154,400. During 2020, accounts receivable increased by $15,690 and accounts payable increased by $9,962. Depreciation expense was $48,400. Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis e.g. (15,000).) SPLISH COMPANY Cash Flow Statement Adjustments to reconcile net income to %24
The net income for the year for Genesis, Inc. is $750,000,but the statement of cash flows reports that the net cashprovided by operating activities is $640,000. What mightaccount for the difference?
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Waterway Industries reported net income of $1.35 million in 2022. Depreciation for the year was $216,000, accounts receivable decreased $472,500, and accounts payable decreased $378,000. Compute net cash provided by operating activities using the indirect approach. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Waterway Industries Statement of Cash Flows-Indirect Approach Adjustments to reconcile net income to
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