SOFTWARE ASSOCIATES Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities $0
SOFTWARE ASSOCIATES Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities $0
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Portions of the financial statements for Software Associates are provided below.
SOFTWARE ASSOCIATES Income Statement For the year ended December 31, 2021 |
||
Net sales | $670,000 | |
Expenses: | ||
Cost of goods sold | $400,000 | |
Operating expenses | 126,000 | |
Depreciation expense | 32,600 | |
Income tax expense | 47,000 | |
Total expenses | 605,600 | |
Net income | $64,400 |
SOFTWARE ASSOCIATES | |
Selected Balance Sheet Data | |
December 31, 2021, compared to December 31, 2020 | |
Decrease in accounts receivable | $9,600 |
Decrease in inventory | 12,600 |
Increase in prepaid rent | 2,600 |
Decrease in salaries payable | 3,600 |
Increase in accounts payable | 6,600 |
Increase in income tax payable | 7,600 |
Required:
Prepare the operating activities section of the statement of cash flows for Software Associates using the indirect method. (List
|
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