Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below.Selected Balance Sheet AccountsPrior Year$ 22,70031,0002,10017,6004,200Accounts ReceivableInventoryPrepaid RentAccounts PayableSalaries and Wages PayableSales RevenueExpenses:Income StatementCost of Goods SoldDepreciation ExpenseSalaries ExpenseRent ExpenseInsurance ExpenseInterest ExpenseUtilities ExpenseNet IncomeCurrent Year$ 15,50034,100022,8006,300$ 465,000268,00031,00046,50018,60018,60017,05015,500$ 49,750Required:Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter anydeductions and cash outflows as a negative value.)Pioneer IndustriesCash Flows from Operating ActivitiesAdjustments to reconcile net income to net cash provided by operating activities:Changes in current assets and current liabilities:

Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year $ 22,700 31,000 Accounts Receivable Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable Sales Revenue Expenses: Income Statement Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 2,100 17,600 4,200 Current Year $ 15,500 34,100 0 22,800 6,300 $ 465,000 268,000 31,000 46,500 18,600 18,600 Changes in current assets and current liabilities: 17,050 15,500 $ 49,750 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.) Pioneer Industries Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities:

Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year $ 22,700 31,000 Accounts Receivable Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable Sales Revenue Expenses: Income Statement Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 2,100 17,600 4,200 Current Year $ 15,500 34,100 0 22,800 6,300 $ 465,000 268,000 31,000 46,500 18,600 18,600 Changes in current assets and current liabilities: 17,050 15,500 $ 49,750 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.) Pioneer Industries Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities:

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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