QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 584,000 Cost of goods sold 371,600 Gross profit 212,400 Operating expenses (excluding depreciation) 132,000 Depreciation expense 56,000 Income before taxes 24,400 Income taxes expense 13,300 Net income $ 11,100 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 94,650 $ 36,800 Accounts receivable 35,000 52,000 Inventory 70,000 56,100 Current liabilities Accounts payable 50,400 35,700 Income taxes payable 3,050 4,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign
QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 584,000 Cost of goods sold 371,600 Gross profit 212,400 Operating expenses (excluding
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
