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Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Operating Activities Cash Received from Customers Cash Paid to Suppliers Cash Paid for Operating Expenses ✓ Cash Paid for Interest Indigo Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 Cash Paid for Income Taxes Cash provided by Operating Activities S 74900 19480 2520 6460 1A S 10 116640 103360 13280

Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Operating Activities Cash Received from Customers Cash Paid to Suppliers Cash Paid for Operating Expenses ✓ Cash Paid for Interest Indigo Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 Cash Paid for Income Taxes Cash provided by Operating Activities S 74900 19480 2520 6460 1A S 10 116640 103360 13280

FINANCIAL ACCOUNTING
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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Indigo Limited had the following financial statements: Indigo Limited Income Statement For the Year Ended December 31, 2023 Net sales $118.800 70.200 Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash 48,600 19.840 28,760 2.520 Accounts payable Salaries and wages payable Income tax payable Bank loans 26,240 7.900 $18.340 Indigo Limited Comparative Statement of Financial Position As at December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets Common shares Retained earnings Total liabilities and shareholders equity 2023 $10,800 8,460 11,900 1,800 1,440 18,340 24,100 (11,700) (12,780) $39.600 $34.540 $3,600 1,440 2,160 0 10,800 2022 $7,020 6,300 8,460 21,600 $39,600 $4,860 1,440 720 6,300 10,800 10,420 $34,540 Additional information: • Equipment that cost $5,760 was sold for the carrying amount of $2,700. • Dividends declared and paid were $7,160. Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Operating Activities Cash Received from Customers Cash Paid to Suppliers Cash Paid for Operating Expenses ✓ Cash Paid for Interest Indigo Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 Cash Paid for Income Taxes Cash provided by Operating Activities ✓ 74900 19480 2520 6460 V $ 116640 103360 13280
Transcribed Image Text:Indigo Limited had the following financial statements: Indigo Limited Income Statement For the Year Ended December 31, 2023 Net sales $118.800 70.200 Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash 48,600 19.840 28,760 2.520 Accounts payable Salaries and wages payable Income tax payable Bank loans 26,240 7.900 $18.340 Indigo Limited Comparative Statement of Financial Position As at December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets Common shares Retained earnings Total liabilities and shareholders equity 2023 $10,800 8,460 11,900 1,800 1,440 18,340 24,100 (11,700) (12,780) $39.600 $34.540 $3,600 1,440 2,160 0 10,800 2022 $7,020 6,300 8,460 21,600 $39,600 $4,860 1,440 720 6,300 10,800 10,420 $34,540 Additional information: • Equipment that cost $5,760 was sold for the carrying amount of $2,700. • Dividends declared and paid were $7,160. Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Operating Activities Cash Received from Customers Cash Paid to Suppliers Cash Paid for Operating Expenses ✓ Cash Paid for Interest Indigo Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 Cash Paid for Income Taxes Cash provided by Operating Activities ✓ 74900 19480 2520 6460 V $ 116640 103360 13280
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