Staley Inc. reported the following data: Line Item Description Amount Net income $449,900 Depreciation expense 55,600 Loss on disposal of equipment 32,900 Increase in accounts receivable 20,800 Increase in accounts payable 10,500 Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankStaley Inc.Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Loss on disposal of equipment Changes in current operating assets and liabilities: Increase in accounts receivable Increase in accounts payable Net cash flows from operating activities $Net cash flows from operating activities
Staley Inc. reported the following data: Line Item Description Amount Net income $449,900 Depreciation expense 55,600 Loss on disposal of equipment 32,900 Increase in accounts receivable 20,800 Increase in accounts payable 10,500 Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankStaley Inc.Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Loss on disposal of equipment Changes in current operating assets and liabilities: Increase in accounts receivable Increase in accounts payable Net cash flows from operating activities $Net cash flows from operating activities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Staley Inc. reported the following data:
| Line Item Description | Amount |
|---|---|
| Net income | $449,900 |
| 55,600 | |
| Loss on disposal of equipment | 32,900 |
| Increase in |
20,800 |
| Increase in accounts payable | 10,500 |
Prepare the "
blankStaley Inc.Statement of Cash Flows (partial)
| Line Item Description | Amount | Amount |
|---|---|---|
| Cash flows from (used for) operating activities: | ||
|
|
$Net income | |
| Adjustments to reconcile net income to net cash flows from (used for) operating activities: | ||
|
|
Depreciation | |
|
|
Loss on disposal of equipment | |
| Changes in current operating assets and liabilities: | ||
|
|
Increase in accounts receivable | |
|
|
Increase in accounts payable | |
| Net cash flows from operating activities | $Net cash flows from operating activities |
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