MOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable Sales Cost of goods sold Gross profit $ 84,650 25,000 60,000 30,400 2,050 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities: 2019 $ 26,800 32,000 54,100 MOSS COMPANY Income Statement For Year Ended December 31, 2020 25,700 2,200 $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Adjustments to reconcile net income to net cash provided by operating activities

MOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable Sales Cost of goods sold Gross profit $ 84,650 25,000 60,000 30,400 2,050 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities: 2019 $ 26,800 32,000 54,100 MOSS COMPANY Income Statement For Year Ended December 31, 2020 25,700 2,200 $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Adjustments to reconcile net income to net cash provided by operating activities

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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