The current sections of Buffalo Corp's balance sheets at December 31, 2021 and 2022, are presented here. Buffalo Corp.'s net income for 2022 was $190,500. Depreciation expense was$31,500.Current assetsCashAccounts receivableInventoryPrepaid expensesTotal current assetsCurrent liabilitiesAccrued expenses payableAccounts payableTotal current liabilities2022$46,500 $66,75063,75058,500202112,75051,75046,50014,250$181,500 $179,250$4,500 $12,00066,000$70,500 $ 66,00054,000Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts thatdecrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Adjustments to reconcile net income to$1$

Cash Flow Statement is a financial statement that includes the inflow and outflow of cash during the…

The current sections of Buffalo Corp's balance sheets at December 31, 2021 and 2022, are presented here. Buffalo Corp.'s net income for 2022 was $190,500. Depreciation expense was $31,500. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $46,500 $66,750 63,750 58,500 12,750 2021 $4,500 51,750 66,000 46,500 $181,500 $179,250 14,250 $12,000 54,000 $70,500 $ 66,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000))

The current sections of Buffalo Corp's balance sheets at December 31, 2021 and 2022, are presented here. Buffalo Corp.'s net income for 2022 was $190,500. Depreciation expense was $31,500. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $46,500 $66,750 63,750 58,500 12,750 2021 $4,500 51,750 66,000 46,500 $181,500 $179,250 14,250 $12,000 54,000 $70,500 $ 66,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000))

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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he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600. 2022 2021 Current assets Cash $107,600 $95,900 Accounts receivable 78,400 89,400 Inventory 167,800 172,100 Prepaid expenses 26,800 22,000 Total current assets $380,600 $379,400 Current liabilities Accrued expenses payable $15,800 $8,600 Accounts payable 84,900 95,500 Total current liabilities $100,700 $104,100 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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The current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are presented here. Famous’s net income for 2020 was €147,000. Depreciation expense was €21,000. 2020 2019 Current assets Prepaid expenses €25,000 €27,000 Inventory 158,000 172,000 Accounts receivable 79,000 110,000 Cash 105,000 99,000 Total current assets €367,000 €408,000 Current liabilities Accrued expenses payable € 15,000 € 9,000 Accounts payable 85,000 95,000 Total current liabilities €100,000 €104,000 Instructions Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.
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