Dickinson Company reported net income or $155,000 of $190,000 on the date of the sale was sold for $75,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. In addition, a building with an original cost of $250,000 and accumulated depreciation End of Year Beginning of Year Cash $20,000 $15,000 Accounts Receivable 19,000 32,000 Inventories 50,000 65,000 Accounts Payable 12,000 18,000 Prepare the operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Dickinson Company Cash Flows From The Operating Activities Section Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities Changes in current operating assets and liabilities:
Dickinson Company reported net income or $155,000 of $190,000 on the date of the sale was sold for $75,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. In addition, a building with an original cost of $250,000 and accumulated depreciation End of Year Beginning of Year Cash $20,000 $15,000 Accounts Receivable 19,000 32,000 Inventories 50,000 65,000 Accounts Payable 12,000 18,000 Prepare the operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Dickinson Company Cash Flows From The Operating Activities Section Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities Changes in current operating assets and liabilities:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Dickinson Company reported net income of $155,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. In addition, a building with an original cost of $250,000 and accumulated depreciation
of $190,000 on the date of the sale was sold for $75,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
End of Year
Beginning of Year
ETT
Cash
$20,000
$15,000
Accounts Receivable
19,000
32,000
Inventories
50,000
65,000
Accounts Payable
12,000
18,000
Prepare the operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
Dickinson Company
Cash Flows From The Operating Activities Section
Cash flows from (used for) operating activities:
Adjustments to reconcile net income to net cash flows from (used for) operating activities
Changes in current operating assets and liabilities:
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