The current assets and current liabilities of JAE Company on December 31, 2022 and 2021, are as follows. The corporation's net income for 2022 was $53,000. Included in its expenses was depreciation of $12,300. Dec. 31, 2022 Dec. 31, 2021 Cash Accounts Receivable Prepaid Expenses Merchandise Inventory Accounts Payable Notes Payable (Borrowing) $ 81,000 $68,000 102,600 92,600 13,300 14,700 72,700 83,000 53,400 44,700 38,000 42,500 Required: Prepare a schedule of the cash flows from operating activities for 2022. (Amounts to be deducted should be indicated by a minus sign.) JAE COMPANY Statement of Cash Flows Year Ended December 31, 2022 Cash flows from operating activities Adjustments to reconcile net income to cash used in operating activities: Total adjustments
The current assets and current liabilities of JAE Company on December 31, 2022 and 2021, are as follows. The corporation's net income for 2022 was $53,000. Included in its expenses was depreciation of $12,300. Dec. 31, 2022 Dec. 31, 2021 Cash Accounts Receivable Prepaid Expenses Merchandise Inventory Accounts Payable Notes Payable (Borrowing) $ 81,000 $68,000 102,600 92,600 13,300 14,700 72,700 83,000 53,400 44,700 38,000 42,500 Required: Prepare a schedule of the cash flows from operating activities for 2022. (Amounts to be deducted should be indicated by a minus sign.) JAE COMPANY Statement of Cash Flows Year Ended December 31, 2022 Cash flows from operating activities Adjustments to reconcile net income to cash used in operating activities: Total adjustments
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The current assets and current liabilities of JAE Company on December 31, 2022 and 2021, are as follows. The corporation's net
income for 2022 was $53,000. Included in its expenses was depreciation of $12,300.
Dec. 31, 2022 Dec. 31, 2021
Cash
Accounts Receivable
Prepaid Expenses
Merchandise Inventory
Accounts Payable
Notes Payable (Borrowing)
$ 81,000
$68,000
102,600
92,600
13,300
14,700
72,700
83,000
53,400
44,700
38,000
42,500
Required:
Prepare a schedule of the cash flows from operating activities for 2022. (Amounts to be deducted should be indicated by a minus
sign.)
JAE COMPANY
Statement of Cash Flows
Year Ended December 31, 2022
Cash flows from operating activities
Adjustments to reconcile net income to cash used in operating activities:
Total adjustments
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