Yeoman Inc. reported thne following data:Net income$307,200Depreciation expense65,100Loss on disposal of equipment33,400Increase in accounts receivable15,000Increase in accounts payable10,700Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minussign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.Yeoman Inc.Statement of Cash Flows (partial)Cash flows from (used for) operating activities:Net incomeAdjustments to reconcile net income to net cash flows from (used for) operating activities:Depreciation expenseLoss on disposal of equipmentChanges in current operating assets and liabilities:Increase in accounts receivable vIncrease in accounts payableNet cash flows from operating activitiesCheck My WorkPrevious

Under indirect method of cash flow net income that is determined using accrual method of accounting…

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Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Yeoman Inc. reported thne following data:
Net income
$307,200
Depreciation expense
65,100
Loss on disposal of equipment
33,400
Increase in accounts receivable
15,000
Increase in accounts payable
10,700
Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus
sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Yeoman Inc.
Statement of Cash Flows (partial)
Cash flows from (used for) operating activities:
Net income
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
Depreciation expense
Loss on disposal of equipment
Changes in current operating assets and liabilities:
Increase in accounts receivable v
Increase in accounts payable
Net cash flows from operating activities
Check My Work
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