Monty Company's reported 2023 net income of $161,320 was based on sales of $639,000, cost of goods sold of $195,000, salaries and wages of $153,000, depreciation expense of $53,000, and income tax expense of $76,680. During 2023, accounts receivable increased by $14,800 and accounts payable increased by $10,500. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) MontyCompany Statement of Cash Flows (Partial) $ $ $
Monty Company's reported 2023 net income of $161,320 was based on sales of $639,000, cost of goods sold of $195,000, salaries and wages of $153,000, depreciation expense of $53,000, and income tax expense of $76,680. During 2023, accounts receivable increased by $14,800 and accounts payable increased by $10,500. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) MontyCompany Statement of Cash Flows (Partial) $ $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Monty Company's reported 2023 net income of $161,320 was based on sales of $639,000, cost of goods sold of $195,000, salaries
and wages of $153,000, depreciation expense of $53,000, and income tax expense of $76,680. During 2023, accounts receivable
increased by $14,800 and accounts payable increased by $10,500.
Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Show amounts that
decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
>
>
MontyCompany
Statement of Cash Flows (Partial)
$
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