Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: 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 $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign
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 |
||
| Net income | $ 391,000 | $ 27,200 | |
| 44,200 | Inventory decrease | 46,000 | |
| Amortization expense | 8,000 | Prepaid expenses increase | 6,400 |
| Gain on sale of plant assets | 7,100 | Accounts payable decrease | 8,200 |
| Salaries payable increase | 1,900 |
Use the indirect method to prepare the operating activities section of its statement of
Note: Amounts to be deducted should be indicated with a minus sign.
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