**Hamburger Heaven****Statement of Cash Flows (Partial)** For the Year Ended December 31**Cash Flows from Operating Activities:**- **Net Income:** $26**Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:**- **Depreciation Expense:** $280**Changes in Current Assets and Current Liabilities**- *(No values provided in the document)***Total Adjustments:** $280**[Subtotal]:** $306---This partial statement of cash flows highlights the cash inflows and outflows from Hamburger Heaven's operating activities for the year ended December 31. The net income is $26, while adjustments, including a significant depreciation expense of $280, bring the total adjustments to $280, resulting in an adjusted net cash flow of $306 for the operating activities. Changes in current assets and liabilities are noted but not quantified in this statement. ### Income Statement**Sales Revenue:** $2,410**Expenses:**- Cost of Goods Sold: $980- Depreciation Expense: $280- Salaries and Wages Expense: $580- Rent Expense: $330- Insurance Expense: $88- Interest Expense: $68- Utilities Expense: $58**Net Income:** $26---### Selected Balance Sheet Accounts| | Current Year | Prior Year ||-----------------|--------------|------------|| Inventory | $98 | $68 || Accounts Receivable | $420 | $530 || Accounts Payable | $215 | $240 || Salaries and Wages Payable | $45 | $28 || Utilities Payable | $17 | $76 || Prepaid Rent | $4 | $11 || Prepaid Insurance | $13 | $6 |

Cash flow statement includes: Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities

Business

Accounting

Income Statement Sales Revenue $ 2,410 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 980 280 580 330 88 68 58 Net Income $ 26 Selected Balance Sheet Accounts Current Prior Year Year Inventory Accounts Receivable Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance $ 98 420 215 45 17 4 $ 68 530 240 28 76 11 6. 13

Income Statement Sales Revenue $ 2,410 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 980 280 580 330 88 68 58 Net Income $ 26 Selected Balance Sheet Accounts Current Prior Year Year Inventory Accounts Receivable Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance $ 98 420 215 45 17 4 $ 68 530 240 28 76 11 6. 13

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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