Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 Assets Cash Accounts receivable Inventory Liabilities Accounts payable Additional information for 2024: 2023 $ 20,000 $ 40,000 70,000 85,000 35,000 40,000 $ 54,000 $ 62,000 Net income was $88,000. Depreciation expense was $19,000. 2024 Required: Prepare the operating activities section of the statement of cash flows for 2024 using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.
Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 Assets Cash Accounts receivable Inventory Liabilities Accounts payable Additional information for 2024: 2023 $ 20,000 $ 40,000 70,000 85,000 35,000 40,000 $ 54,000 $ 62,000 Net income was $88,000. Depreciation expense was $19,000. 2024 Required: Prepare the operating activities section of the statement of cash flows for 2024 using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
domestic
Transcribed Image Text:Partial balance sheets and additional information are listed below for Sowell Company.
Sowell Company
Partial Balance Sheets
as of December 31
Assets
Cash
Accounts receivable
Inventory
Liabilities
Accounts payable
Additional information for 2024:
2023
$ 20,000
$ 40,000
70,000
85,000
35,000
40,000
$ 54,000 $ 62,000
Net income was $88,000.
Depreciation expense was $19,000.
2024
Required:
Prepare the operating activities section of the statement of cash flows for 2024 using the indirect method.
Note: Amounts to be deducted should be indicated with a minus sign.
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