Net Cash Flow From Operating Activities Verna Company's records provided the following information for 2019: decrease in accounts payable, $4,100 loss on sale of land, $1,900 increase in inventory, $7,700 increase in income taxes payable, $2,300 net income, $67,200 patent amortization expense, $1,400 ordinary loss, $6,900 decrease in deferred taxes payable, $2,200 amortization of discount on bonds payable, $1,200 payment of cash dividends, $26,000 depletion expense, $4,800 decrease in salaries payable, $1,300 decrease in accounts receivable, $3,800 gain on sale of equipment, $6,300 proceeds from issuance of stock, $63,000 ordinary gain, $3,700 depreciation expense, $16,000 amortization of discount on investment in bonds, $1,300 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, $4,100 loss on sale of land, $1,900 increase in inventory, $7,700 increase in income taxes payable, $2,300 net income, $67,200 patent amortization expense, $1,400 ordinary loss, $6,900 decrease in deferred taxes payable, $2,200 amortization of discount on bonds payable, $1,200 payment of cash dividends, $26,000 depletion expense, $4,800 decrease in salaries payable, $1,300 decrease in accounts receivable, $3,800 gain on sale of equipment, $6,300 proceeds from issuance of stock, $63,000 ordinary gain, $3,700 depreciation expense, $16,000 amortization of discount on investment in bonds, $1,300 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
Related questions
Question
100%
Net Cash Flow From Operating Activities
Verna Company's records provided the following information for 2019:
- decrease in accounts payable, $4,100
- loss on sale of land, $1,900
- increase in inventory, $7,700
- increase in income taxes payable, $2,300
- net income, $67,200
- patent amortization expense, $1,400
- ordinary loss, $6,900
- decrease in
deferred taxes payable, $2,200 - amortization of discount on bonds payable, $1,200
- payment of cash dividends, $26,000
- depletion expense, $4,800
- decrease in salaries payable, $1,300
- decrease in
accounts receivable , $3,800 - gain on sale of equipment, $6,300
- proceeds from issuance of stock, $63,000
- ordinary gain, $3,700
depreciation expense, $16,000- amortization of discount on investment in bonds, $1,300
Required
Prepare the operating activities section of Verna's 2019 statement of
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education