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Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 409,000 Accounts receivable decrease 49,200 Inventory decrease $ 28,200 47,500 6,500 8,900 8,500 Prepaid expenses increase 6,600 Accounts payable decrease Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities

Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 409,000 Accounts receivable decrease 49,200 Inventory decrease $ 28,200 47,500 6,500 8,900 8,500 Prepaid expenses increase 6,600 Accounts payable decrease Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities

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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Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 409,000 Accounts receivable decrease 49,200 Inventory decrease $ 28,200 47,500 6,500 8,900 8,500 Prepaid expenses increase 6,600 Accounts payable decrease Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities
Transcribed Image Text:Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 409,000 Accounts receivable decrease 49,200 Inventory decrease $ 28,200 47,500 6,500 8,900 8,500 Prepaid expenses increase 6,600 Accounts payable decrease Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities
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