Fitz Company reports the following information. Selected Annual Incone Statement Data Net Income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 397,000 Accounts receivable decrease 49,400 Inventory decrease 8,400 Prepaid expenses increase 7,000 Accounts payable decrease Salaries payable increase. Changes in current operating assets and liabilities Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 66,600 50,000 6,200 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. Statement of Cash Flows (partial) 8,300 2,100
Fitz Company reports the following information. Selected Annual Incone Statement Data Net Income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 397,000 Accounts receivable decrease 49,400 Inventory decrease 8,400 Prepaid expenses increase 7,000 Accounts payable decrease Salaries payable increase. Changes in current operating assets and liabilities Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 66,600 50,000 6,200 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. Statement of Cash Flows (partial) 8,300 2,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A 54.
Transcribed Image Text:Fitz Company reports the following information.
Selected Annual Incone Statement Data
Net income
Depreciation expense
Amortization expense
Gain on sale of plant assets
Selected Year-End Balance Sheet Data
$ 397,000 Accounts receivable decrease
49,400 Inventory decrease
8,400 Prepaid expenses increase
7,000 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.
Note: Amounts to be deducted should be indicated with a minus sign.
Statement of Cash Flows (partial)
Cash flows from operating activities
Net income
Adjustments to reconcile net income to net cash provided by operating activities
Income statement items not affecting cash
Changes in current operating assets and liabilities
$
$ 66,600
50,000
6,200
8,300
2,100
0
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