Net Cash Flow From Operating Activities Verna Company's records provided the following information for 2019: decrease in accounts payable, $4,900 loss on sale of land, $1,900 increase in inventory, $7,100 increase in income taxes payable, $2,000 net income, $66,100 patent amortization expense, $1,000 ordinary loss, $6,500 decrease in deferred taxes payable, $2,400 amortization of discount on bonds payable, $1,900 payment of cash dividends, $28,000 depletion expense, $4,700 decrease in salaries payable, $1,800 decrease in accounts receivable, $3,800 gain on sale of equipment, $6,200 proceeds from issuance of stock, $60,000 ordinary gain, $3,200 depreciation expense, $13,000 amortization of discount on investment in bonds, $1,100 Required Prepare the operating activities section of Verna's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.
Net Cash Flow From Operating Activities Verna Company's records provided the following information for 2019: decrease in accounts payable, $4,900 loss on sale of land, $1,900 increase in inventory, $7,100 increase in income taxes payable, $2,000 net income, $66,100 patent amortization expense, $1,000 ordinary loss, $6,500 decrease in deferred taxes payable, $2,400 amortization of discount on bonds payable, $1,900 payment of cash dividends, $28,000 depletion expense, $4,700 decrease in salaries payable, $1,800 decrease in accounts receivable, $3,800 gain on sale of equipment, $6,200 proceeds from issuance of stock, $60,000 ordinary gain, $3,200 depreciation expense, $13,000 amortization of discount on investment in bonds, $1,100 Required Prepare the operating activities section of Verna's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Net Cash Flow From Operating Activities
Verna Company's records provided the following information for 2019:
- decrease in accounts payable, $4,900
- loss on sale of land, $1,900
- increase in inventory, $7,100
- increase in income taxes payable, $2,000
- net income, $66,100
- patent amortization expense, $1,000
- ordinary loss, $6,500
- decrease in
deferred taxes payable, $2,400 - amortization of discount on bonds payable, $1,900
- payment of cash dividends, $28,000
- depletion expense, $4,700
- decrease in salaries payable, $1,800
- decrease in
accounts receivable , $3,800 - gain on sale of equipment, $6,200
- proceeds from issuance of stock, $60,000
- ordinary gain, $3,200
depreciation expense, $13,000- amortization of discount on investment in bonds, $1,100
Required
Prepare the operating activities section of Verna's 2019 statement of
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