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Kennedy, Inc. reported the following data: Net income $154,003 Depreciation expense 16,628 Loss on disposal of equipment (10,470) Gain on sale of building 20,224 Increase in accounts receivable 10,909 Decrease in accounts payable (3,683)   Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments.

Kennedy, Inc. reported the following data: Net income $154,003 Depreciation expense 16,628 Loss on disposal of equipment (10,470) Gain on sale of building 20,224 Increase in accounts receivable 10,909 Decrease in accounts payable (3,683)   Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments.

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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  1. Kennedy, Inc. reported the following data:

    Net income $154,003
    Depreciation expense 16,628
    Loss on disposal of equipment (10,470)
    Gain on sale of building 20,224
    Increase in accounts receivable 10,909
    Decrease in accounts payable (3,683)

     

    Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments.

     

    Kennedy, Inc.
    Statement of Cash Flow
     
    Cash flows from operating activities:    
      $  
    Adjustments to reconcile net income to net cash flow from operating activities:    
         
         
         
    Changes in current operating assets and liabilities:    
         
         
    Net cash flow from operating activities   $
  2.  
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