Sunland Corporation reported the following information for the year ended December 31: Balance sheet accounts: Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable Net cash 2021 $84.020 61,540 5,000 34,530 14,000 used by provided by 2020 $60,000 55.000 9,000 42,000 9,000 Income statement accounts: Sales Gain on sale of land Cost of goods sold Operating expenses Depreciation expense Income tax expense Calculate the net cash provided (used) by operating activities using the direct method. (Show amounts that decrease cash flow wi either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) operating activities $ 2021 $373,380 15,000 149,470 75,050 16,610 45,940
Sunland Corporation reported the following information for the year ended December 31: Balance sheet accounts: Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable Net cash 2021 $84.020 61,540 5,000 34,530 14,000 used by provided by 2020 $60,000 55.000 9,000 42,000 9,000 Income statement accounts: Sales Gain on sale of land Cost of goods sold Operating expenses Depreciation expense Income tax expense Calculate the net cash provided (used) by operating activities using the direct method. (Show amounts that decrease cash flow wi either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) operating activities $ 2021 $373,380 15,000 149,470 75,050 16,610 45,940
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland Corporation reported the following information for the year ended December 31:
Balance sheet accounts:
Accounts receivable
Inventory
Prepaid expenses
Accounts payable
Income tax payable
Net cash
2021
$84,020
61,540
5,000
34,530
14,000
used by
provided by
2020
$60,000
55.000
9,000
42,000
9,000
Income statement accounts:
Sales
Gain on sale of land
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Calculate the net cash provided (used) by operating activities using the direct method. (Show amounts that decrease cash flow wi
either a-sign e.g.-15,000 or in parenthesis eg. (15,000).)
operating activities $
2021
$373,380
15,000
149,470.
75,050
16,610
45,940
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Step 1: Introduce to cash flow statement
VIEWStep 2: Working for cash received from customer
VIEWStep 3: Working for cash paid to supplier
VIEWStep 4: Working for cash paid for operating expenses
VIEWStep 5: Working for cash paid for income taxes
VIEWStep 6: Working for cash flow from operating activities
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