he curent sections of Saasota CorpS balance sheets at December 31, 2016 and 2017, are presented here. Sarasota Corp.'s net income for 2017 wras $154,071. Depreriation expense was $27, 89.20172016Curvent assesCash$105,735$ 99,693Accounts receivable80,56089,623Bventory169,176173,204Propaid expenses27,18922,154Total current assets$382,660$384,674Current labilitiesaeed sasuadbo pan$ 15,105$ 5,03585,59592,644Total current liabilities$100,700$ 97,679Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash low swith either aSarasota Corp.Partial Statement of Cash FlowsFor the Year Ended December 31, 2017Net Cash used by Operating ActivitiesNet Income154071Adjustments to reconcile net income toTet Cash Provided by Operating Activities YDepreciation Expense27189Decrease in Accounts Receivable(89623)DecreaseInventory173204Decrease in Prepaid Expenses(22154)15105horesse Acerued Expenses Payable(85595)Accounts Payable586074740145Cash Floves from Operating ActivitiesClick if you would like to Show Work for this question: 20<. The cureent sections of Satsola Corp balance sheets at December 31, 2016 and 2017, are presented bese. Sarasota Corp.s net income for 2017 was $154,071. Depeecialion expe20172016Cuvent acsebs$105,735$99,693Accounts eceivable80,56089,623ventory169,176173,204Propaid experses27,18922,154Total current assets$382,660$384,674Current BabiditiesAccrued expeses payable$ 15,105$ 5,035Accounts payable85,59592,644Total current liabilities$100,700$ 97,679Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show ansounts that decreae cads eSarasota Corp.Partial Statement of Cash FlowsFor the Year Ended December 31, 2017Net Cash used by Operating Activities154071Net IncomeAdjustments to reconcile net income toet Cash Provided by Operating Activities v27189Depreciation ExpenseDecrease in Acrounts Receivable(89623)173204Decrease inInventory(22154)Decrease in Prepaid Expenses15105re ActdErpenses Payable V(85595)s Peyable546074Cosh tous frgim Operting Antvek it you weuld like to Shorw Work for this questiont A

Name: he curent sections of Saasota CorpS balance sheets at December 31, 20
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Description: he curent sections of Saasota CorpS balance sheets at December 31, 2016 and 2017, are presented here. Sarasota Corp.'s net income for 2017 wras $154,071. Depreriation expense was $27, 89.20172016Curvent assesCash$105,735$ 99,693Accounts receivable80

Cash flow from operating activities is a section in Cash Flow Statememt which shows all cash inflows…

Business

Accounting

the caprent sectioves of Saasola CorpS hallance sheels alt December 31, 2016 and 2017, are presevted here. Sarasota Corp.s net income for 2017 was $154,071. Depreriation espeme as 27, 2017 2016 Curvent anses Cne $10s,735 $99,693 Accoonts receivable 80,560 89,623 Iwentory 169,176 173,204 Prepaid expenses 27,189 22,154 Total current assets $382,660 $384,674 Carvent Babilities Accrued expenses payable $ 15,105 $ 5,035 Accounts payable 85,595 92,644 Total current labilities $100,700 $ 97,679 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flovs for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash ith cther Sarasota Corp. Partial Statement of Cash Flows For the Year Ended December 31, 2017 Net Cash used by Operating Activities Net Income 154071 Adjustments to reconcile net income to t Cash Provided by Operating Activities V Depreciation Expense 27189 Decrease in Accounts Receivable (89623) 10 Dhecnesse 173204 Inventory Decrease in Prepaid Expenses (22154) 15105 ncressein Aconued penses PayableY (85595 Der c s Pble 386074 740145 Cash Pows froen Opereting Actives Click f you would ike to Shoow Work for this question:

the caprent sectioves of Saasola CorpS hallance sheels alt December 31, 2016 and 2017, are presevted here. Sarasota Corp.s net income for 2017 was $154,071. Depreriation espeme as 27, 2017 2016 Curvent anses Cne $10s,735 $99,693 Accoonts receivable 80,560 89,623 Iwentory 169,176 173,204 Prepaid expenses 27,189 22,154 Total current assets $382,660 $384,674 Carvent Babilities Accrued expenses payable $ 15,105 $ 5,035 Accounts payable 85,595 92,644 Total current labilities $100,700 $ 97,679 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flovs for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash ith cther Sarasota Corp. Partial Statement of Cash Flows For the Year Ended December 31, 2017 Net Cash used by Operating Activities Net Income 154071 Adjustments to reconcile net income to t Cash Provided by Operating Activities V Depreciation Expense 27189 Decrease in Accounts Receivable (89623) 10 Dhecnesse 173204 Inventory Decrease in Prepaid Expenses (22154) 15105 ncressein Aconued penses PayableY (85595 Der c s Pble 386074 740145 Cash Pows froen Opereting Actives Click f you would ike to Shoow Work for this question:

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

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he curent sections of Saasota CorpS balance sheets at December 31, 2016 and 2017, are presented here. Sarasota Corp.'s net income for 2017 wras $154,071. Depreriation expense was $27, 89.
2017
2016
Curvent asses
Cash
$105,735
$ 99,693
Accounts receivable
80,560
89,623
Bventory
169,176
173,204
Propaid expenses
27,189
22,154
Total current assets
$382,660
$384,674
Current labilities
aeed sasuadbo pan
$ 15,105
$ 5,035
85,595
92,644
Total current liabilities
$100,700
$ 97,679
Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash low swith either a
Sarasota Corp.
Partial Statement of Cash Flows
For the Year Ended December 31, 2017
Net Cash used by Operating Activities
Net Income
154071
Adjustments to reconcile net income to
Tet Cash Provided by Operating Activities Y
Depreciation Expense
27189
Decrease in Accounts Receivable
(89623)
Decrease
Inventory
173204
Decrease in Prepaid Expenses
(22154)
15105
horesse Acerued Expenses Payable
(85595)
Accounts Payable
586074
740145
Cash Floves from Operating Activities
Click if you would like to Show Work for this question: 20
<.

The cureent sections of Satsola Corp balance sheets at December 31, 2016 and 2017, are presented bese. Sarasota Corp.s net income for 2017 was $154,071. Depeecialion expe
2017
2016
Cuvent acsebs
$105,735
$99,693
Accounts eceivable
80,560
89,623
ventory
169,176
173,204
Propaid experses
27,189
22,154
Total current assets
$382,660
$384,674
Current Babidities
Accrued expeses payable
$ 15,105
$ 5,035
Accounts payable
85,595
92,644
Total current liabilities
$100,700
$ 97,679
Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show ansounts that decreae cads e
Sarasota Corp.
Partial Statement of Cash Flows
For the Year Ended December 31, 2017
Net Cash used by Operating Activities
154071
Net Income
Adjustments to reconcile net income to
et Cash Provided by Operating Activities v
27189
Depreciation Expense
Decrease in Acrounts Receivable
(89623)
173204
Decrease in
Inventory
(22154)
Decrease in Prepaid Expenses
15105
re ActdErpenses Payable V
(85595)
s Peyable
546074
Cosh tous frgim Operting Antve
k it you weuld like to Shorw Work for this questiont A

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