Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of equipment Profit before income tax Income tax expense Profit for the year Changes in current assets and current liabilities were as follows: Accounts receivable Inventory Accounts receivable Inventory Prepaid expenses Accounts payable Dividends payable Income tax payable $285,200 46,000 (9,200) SHERIDAN LTD 17,480 11,040 $872,160 4,600 450,800 3,680 421,360 $33,120 decrease 322,000 99,360 27,600 $71,760 $33,120 decrease 17,480 increase 1,840 increase decrease decrease decrease increase Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of equipment Profit before income tax Income tax expense Profit for the year Changes in current assets and current liabilities were as follows: Accounts receivable Inventory Accounts receivable Inventory Prepaid expenses Accounts payable Dividends payable Income tax payable $285,200 46,000 (9,200) SHERIDAN LTD 17,480 11,040 $872,160 4,600 450,800 3,680 421,360 $33,120 decrease 322,000 99,360 27,600 $71,760 $33,120 decrease 17,480 increase 1,840 increase decrease decrease decrease increase Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

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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