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Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 48,808 Inventory decrease 7,500 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase 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) Changes in current operating assets and liabilites Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 118,600 42,500 4,800 9,799 1,499 $

Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 48,808 Inventory decrease 7,500 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase 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) Changes in current operating assets and liabilites Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 118,600 42,500 4,800 9,799 1,499 $

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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Subject :- Accounting 

 

Fitz Company reports the following information. Selected Annual Income Statement Data Net Income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 45,300 Inventory decrease $ 118,600 42,500 4,300 9,799 1,400 7,500 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase. Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31.
Transcribed Image Text:Fitz Company reports the following information. Selected Annual Income Statement Data Net Income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 45,300 Inventory decrease $ 118,600 42,500 4,300 9,799 1,400 7,500 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase. Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31.
Selected Annual Income Statement Data Net income. Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 48,808 Inventory decrease 7,508 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase 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) Changes in current operating assets and liabilites Adjustments to reconcile net income to net cash provided by operating activites Income statement items not affecting cash $ $ 118,600 42,500 4,800 9,700 1,400 0.
Transcribed Image Text:Selected Annual Income Statement Data Net income. Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 48,808 Inventory decrease 7,508 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase 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) Changes in current operating assets and liabilites Adjustments to reconcile net income to net cash provided by operating activites Income statement items not affecting cash $ $ 118,600 42,500 4,800 9,700 1,400 0.
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