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Johnson Company has the following data from the balance sheet: Cash Accounts receivable, net Inventory Prepaid rent Accounts payable. Salaries payable 12/31/2023 $30,000 100,000 100,000. 20,000 $50,000 40,000 12/31/2022 $400,000 101,000 30,000 20,000 9000 7.000 $80,000 160,000 60,000 10,000 $40,000 40,000 The company also reports the following income statement for the year ending December 31, 2023: Sales $1,100,000 Expenses: Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Loss on sale of equipment Total Expenses Income Before Taxes Income tax expense Net income 567,000 533,000 22,000 $511,000 Using the direct method, prepare the statement of cash flows for the year ending December 31, 2023: A) $613,000 B) $558,000 C) $681,000: D) $1,043,000

Johnson Company has the following data from the balance sheet: Cash Accounts receivable, net Inventory Prepaid rent Accounts payable. Salaries payable 12/31/2023 $30,000 100,000 100,000. 20,000 $50,000 40,000 12/31/2022 $400,000 101,000 30,000 20,000 9000 7.000 $80,000 160,000 60,000 10,000 $40,000 40,000 The company also reports the following income statement for the year ending December 31, 2023: Sales $1,100,000 Expenses: Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Loss on sale of equipment Total Expenses Income Before Taxes Income tax expense Net income 567,000 533,000 22,000 $511,000 Using the direct method, prepare the statement of cash flows for the year ending December 31, 2023: A) $613,000 B) $558,000 C) $681,000: D) $1,043,000

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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Johnson Company has the following data from the balance sheet: Cash Accounts receivable, net Inventory Prepaid rent Accounts payable. Salaries payable 12/31/2023 $30,000 100,000 100,000. 20,000 $50,000 40,000 12/31/2022 $400,000 101,000 30,000 20,000 9000 7.000 $80,000 160,000 60,000 10,000 $40,000 40,000 The company also reports the following income statement for the year ending December 31, 2023: Sales $1,100,000 Expenses: Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Loss on sale of equipment Total Expenses Income Before Taxes Income tax expense Net income 567,000 533,000 22,000 $511,000 Using the direct method, prepare the statement of cash flows for the year ending December 31, 2023: A) $613,000 B) $558,000 C) $681,000: D) $1,043,000
Transcribed Image Text:Johnson Company has the following data from the balance sheet: Cash Accounts receivable, net Inventory Prepaid rent Accounts payable. Salaries payable 12/31/2023 $30,000 100,000 100,000. 20,000 $50,000 40,000 12/31/2022 $400,000 101,000 30,000 20,000 9000 7.000 $80,000 160,000 60,000 10,000 $40,000 40,000 The company also reports the following income statement for the year ending December 31, 2023: Sales $1,100,000 Expenses: Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Loss on sale of equipment Total Expenses Income Before Taxes Income tax expense Net income 567,000 533,000 22,000 $511,000 Using the direct method, prepare the statement of cash flows for the year ending December 31, 2023: A) $613,000 B) $558,000 C) $681,000: D) $1,043,000
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