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Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $374,000 44,000 7,200 6,000 Accounts receivable decrease Depreciation expense Amortization expense Gain on sale of plant assets Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase $17,100 42,000 4,700 8,200 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year en 31. (Amounts to be deducted should be indicated with a minus sign.)

Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $374,000 44,000 7,200 6,000 Accounts receivable decrease Depreciation expense Amortization expense Gain on sale of plant assets Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase $17,100 42,000 4,700 8,200 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year en 31. (Amounts to be deducted should be indicated with a minus sign.)

FINANCIAL ACCOUNTING
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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Fitz Company reports the following information Selected Annual Income Statement Data income $ Depreciation expense 44,000 Amortization expense7.200 Gain on sale of plant assets 6,000 Selected Year-End Balance Data Accounts receivable decrease $ Inventory decrease 42,000 Prepaid expenses increase 4,700 Accounts payable decrease8,200 Salaries payable increase 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.)

Exercise 12-5 Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income Depreciation expense Amortization expense Gain on sale of plant assets $374,000 44,000 7,200 6,000 Accounts receivable decrease Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase $17,100 42,000 4,700 8,200 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year en 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities
Transcribed Image Text:Exercise 12-5 Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income Depreciation expense Amortization expense Gain on sale of plant assets $374,000 44,000 7,200 6,000 Accounts receivable decrease Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase $17,100 42,000 4,700 8,200 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year en 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities
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