PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. Income Statenent Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Selected Balance Sheet Accounts Ending Balances $ 450 1,350 1,390 648 110 98 65 Inventory Accounts Receivable. Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance CALENDARS INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31 $ 69,000 31,500 15,1007 9,100 1,600 Cash Flows from Operating Activities: 850 750 550 $ 9,550 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Beginning Balances Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) $ 530 1,140 1,680 345 0 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 120 80
PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. Income Statenent Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Selected Balance Sheet Accounts Ending Balances $ 450 1,350 1,390 648 110 98 65 Inventory Accounts Receivable. Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance CALENDARS INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31 $ 69,000 31,500 15,1007 9,100 1,600 Cash Flows from Operating Activities: 850 750 550 $ 9,550 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Beginning Balances Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) $ 530 1,140 1,680 345 0 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 120 80
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2]
The income statement and selected balance sheet information for Calendars Incorporated for the year ended
December 31 are presented below.
Income Statenent
Sales Revenue
Expenses:
Cost of Goods Sold
Depreciation Expense
Salaries and Wages Expense.
Rent Expense
Insurance Expense
Interest Expense
Utilities Expense
Net Income
Selected Balance Sheet Accounts
Ending
Balances
Inventory
Accounts Receivable.
Accounts Payable
Salaries and Wages Payable
Utilities Payable
Prepaid Rent
Prepaid Insurance
$ 450
1,350
1,390
648
110
98
65
Cash Flows from Operating Activities:
CALENDARS INCORPORATED
Statement of Cash Flows (Partial)
For the Year Ended December 31
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Changes in Current Assets and Current Liabilities
$ 69,000
31,500
15,100
9,100
1,600
850
750
550
$ 9,550
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated by a minus sign.)
Beginning
Balances
$ 530
1,140
1,680
345
0
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated by a minus sign.)
120
80](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe85a3215-93b5-4875-84d6-f01dbd791952%2F213eb358-be06-4837-acac-1dce09a2c531%2Fjixmf7q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2]
The income statement and selected balance sheet information for Calendars Incorporated for the year ended
December 31 are presented below.
Income Statenent
Sales Revenue
Expenses:
Cost of Goods Sold
Depreciation Expense
Salaries and Wages Expense.
Rent Expense
Insurance Expense
Interest Expense
Utilities Expense
Net Income
Selected Balance Sheet Accounts
Ending
Balances
Inventory
Accounts Receivable.
Accounts Payable
Salaries and Wages Payable
Utilities Payable
Prepaid Rent
Prepaid Insurance
$ 450
1,350
1,390
648
110
98
65
Cash Flows from Operating Activities:
CALENDARS INCORPORATED
Statement of Cash Flows (Partial)
For the Year Ended December 31
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Changes in Current Assets and Current Liabilities
$ 69,000
31,500
15,100
9,100
1,600
850
750
550
$ 9,550
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated by a minus sign.)
Beginning
Balances
$ 530
1,140
1,680
345
0
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated by a minus sign.)
120
80
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