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Sales Cost of goods sold Gross profit Operating expenses Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 215,775 37,800 42,525 Show Transcribed Text 4,725 17,325 $ 1,575,000 771,750 803,250 318,150 485,100 6,300 $ 491,400 $ 30,850 increase Accounts payable 27,800 increase alaries payable Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,250 decrease 4,500 decrease

Sales Cost of goods sold Gross profit Operating expenses Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 215,775 37,800 42,525 Show Transcribed Text 4,725 17,325 $ 1,575,000 771,750 803,250 318,150 485,100 6,300 $ 491,400 $ 30,850 increase Accounts payable 27,800 increase alaries payable Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,250 decrease 4,500 decrease

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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Sales Cost of goods sold Gross profit Operating expenses Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 215,775 37,800 42,525 Show Transcribed Text 4,725 17,325 $ 1,575,000 771,750 803,250 318,150 485,100 6,300 $ 491,400 $ 30,850 increase Accounts payable 27,800 increase alaries payable Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,250 decrease 4,500 decrease
Transcribed Image Text:Sales Cost of goods sold Gross profit Operating expenses Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 215,775 37,800 42,525 Show Transcribed Text 4,725 17,325 $ 1,575,000 771,750 803,250 318,150 485,100 6,300 $ 491,400 $ 30,850 increase Accounts payable 27,800 increase alaries payable Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,250 decrease 4,500 decrease
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