Problem 11-3A (Algo) Calculate operating activities-indirect method (LO11-3)Portions of the financial statements for Petoskey Technologies are provided below.PETOSKEY TECHNOLOGIESIncome StatementFor the Year Ended December 31, 2024Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expensesNet incomeIncrease in inventoryDecrease in prepaid rentIncrease in salaries payableDecrease in accounts payableIncrease in income tax payable$177,00052,00015, 20018,000PETOSKEY TECHNOLOGIESSelected Balance Sheet DataDecember 31, 2024, compared to December 31, 2023Decrease in accounts receivable$5,20012, 2008,2004,2007,20016,800$297,000262,200$ 34,800Required:Prepare the operating activities section of the statement of cash flows for Petoskey Technologies using the indirectmethod. (Amounts to be deducted should be indicated with a minus sign.)Cash Flows from Operating Activities:PETOSKEY TECHNOLOGIESStatement of Cash FlowsFor the Year Ended December 31, 2024Net cash flows from operating activitiesAdjustments to reconcile net income to net cash flows from operatingactivities$0

1. Cash Flow Statement reflects the Cash Inflows and Outflows during a period of time. 2. Effects of…

ons of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 t sales. penses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses t income crease in inventory crease in prepaid rent crease in salaries payable crease in accounts payable crease in income tax payable $177,000 52,000 15, 200 18,000 PETOSKEY TECHNOLOGIES Selected Balance Sheet Data ecember 31, 2024, compared to December 31, 2023 crease in accounts receivable $ 5,200 12, 200 8,200 4,200 7,200 16,800 $297,000 262,200 $ 34,800 ired: are the operating activities section of the statement of cash flows for Petoskey Technologies using the indirect hod. (Amounts to be deducted should be indicated with a minus sign.) h Flows from Operating Activities: PETOSKEY TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Net cash flows from operating activities djustments to reconcile net income to net cash flows from operating vities $ 0

ons of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 t sales. penses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses t income crease in inventory crease in prepaid rent crease in salaries payable crease in accounts payable crease in income tax payable $177,000 52,000 15, 200 18,000 PETOSKEY TECHNOLOGIES Selected Balance Sheet Data ecember 31, 2024, compared to December 31, 2023 crease in accounts receivable $ 5,200 12, 200 8,200 4,200 7,200 16,800 $297,000 262,200 $ 34,800 ired: are the operating activities section of the statement of cash flows for Petoskey Technologies using the indirect hod. (Amounts to be deducted should be indicated with a minus sign.) h Flows from Operating Activities: PETOSKEY TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Net cash flows from operating activities djustments to reconcile net income to net cash flows from operating vities $ 0

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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Question

Problem 11-3A (Algo) Calculate operating activities-indirect method (LO11-3)
Portions of the financial statements for Petoskey Technologies are provided below.
PETOSKEY TECHNOLOGIES
Income Statement
For the Year Ended December 31, 2024
Net sales
Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Total expenses
Net income
Increase in inventory
Decrease in prepaid rent
Increase in salaries payable
Decrease in accounts payable
Increase in income tax payable
$177,000
52,000
15, 200
18,000
PETOSKEY TECHNOLOGIES
Selected Balance Sheet Data
December 31, 2024, compared to December 31, 2023
Decrease in accounts receivable
$
5,200
12, 200
8,200
4,200
7,200
16,800
$297,000
262,200
$ 34,800
Required:
Prepare the operating activities section of the statement of cash flows for Petoskey Technologies using the indirect
method. (Amounts to be deducted should be indicated with a minus sign.)
Cash Flows from Operating Activities:
PETOSKEY TECHNOLOGIES
Statement of Cash Flows
For the Year Ended December 31, 2024
Net cash flows from operating activities
Adjustments to reconcile net income to net cash flows from operating
activities
$
0

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