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Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data $379,000 46,600 7,700 7,000 $65,900 42,500 6,800 9,200 2,200 Net income Accounts receivable decrease Depreciation expense Amortization expense Gain on sale of plant assets Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase 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.) X Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income 379,000 O Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense 46,600 O Amortization expense 7,700 (7,000) O 65,900 O Gain on sale of plant assets Decrease in accounts receivable Decrease in accounts payable (9,200) O Increase in salaries payable 2,200 V Increase in prepaid expenses (6,800) O Decrease in inventory 42,500 $ 520,900 Oooo

Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data $379,000 46,600 7,700 7,000 $65,900 42,500 6,800 9,200 2,200 Net income Accounts receivable decrease Depreciation expense Amortization expense Gain on sale of plant assets Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase 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.) X Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income 379,000 O Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense 46,600 O Amortization expense 7,700 (7,000) O 65,900 O Gain on sale of plant assets Decrease in accounts receivable Decrease in accounts payable (9,200) O Increase in salaries payable 2,200 V Increase in prepaid expenses (6,800) O Decrease in inventory 42,500 $ 520,900 Oooo

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 Selected Year-End Balance Sheet Data Net income Depreciation expense Amortization expense Gain on sale of plant assets $379,000 46,600 7,700 7,000 $65,900 42,500 6,800 9,200 2,200 Accounts receivable decrease Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase 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.) X Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income 379,000 O Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense 46,600 O Amortization expense 7,700 (7,000) O 65,900 O Gain on sale of plant assets Decrease in accounts receivable Decrease in accounts payable (9,200) O Increase in salaries payable 2,200 O Increase in prepaid expenses (6,800) O Decrease in inventory 42,500 $ 520,900
Transcribed Image Text: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 $379,000 46,600 7,700 7,000 $65,900 42,500 6,800 9,200 2,200 Accounts receivable decrease Inventory decrease Prepaid expenses increase Accounts payable decrease Salaries payable increase 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.) X Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income 379,000 O Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense 46,600 O Amortization expense 7,700 (7,000) O 65,900 O Gain on sale of plant assets Decrease in accounts receivable Decrease in accounts payable (9,200) O Increase in salaries payable 2,200 O Increase in prepaid expenses (6,800) O Decrease in inventory 42,500 $ 520,900
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