Green Brands, Inc. (GBI) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Merchandise inventory Prepaid insurance. Accounts payable Salaries payable Unearned service revenue The Year 2 income statement is shown next: Income Statement Sales Cost of goods sold Gross margin Service revenue Insurance expense Salaries expense Year 2 $ 21,800 56,800 15,100 26,800 4,700 900 Depreciation expense Operating income. Gain on sale of equipment Net income $ 621,000 $ Year 1 $ 29,200 49,200 27,900 19,600 3,850 2,900 (367,000) 254,000 5,700 (38,000) (156,000) (5,200) 60,500 3,100 63,600

Green Brands, Inc. (GBI) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Merchandise inventory Prepaid insurance. Accounts payable Salaries payable Unearned service revenue The Year 2 income statement is shown next: Income Statement Sales Cost of goods sold Gross margin Service revenue Insurance expense Salaries expense Year 2 $ 21,800 56,800 15,100 26,800 4,700 900 Depreciation expense Operating income. Gain on sale of equipment Net income $ 621,000 $ Year 1 $ 29,200 49,200 27,900 19,600 3,850 2,900 (367,000) 254,000 5,700 (38,000) (156,000) (5,200) 60,500 3,100 63,600

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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