Exercise igo) Indirect: Reporting cash flows from operations Hampton Company reports the following information for Iits recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data $75,000 Accounts receivable increase Inventory decrease 41,000 Salaries payable increase $9,000 5,000 Sales Expenses: Cost of goods sold Salaries expense Depreciation expense 700 11,000 6,000 Net income $17,000 Requlred: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be ndicated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income $ 17,000 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 6,000 Accounts receivable increase (9,000) Inventory decrease 5,000 Salaries payable increase 700 $ 19,700

Exercise igo) Indirect: Reporting cash flows from operations Hampton Company reports the following information for Iits recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data $75,000 Accounts receivable increase Inventory decrease 41,000 Salaries payable increase $9,000 5,000 Sales Expenses: Cost of goods sold Salaries expense Depreciation expense 700 11,000 6,000 Net income $17,000 Requlred: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be ndicated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income $ 17,000 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 6,000 Accounts receivable increase (9,000) Inventory decrease 5,000 Salaries payable increase 700 $ 19,700

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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