The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The current sections of Crane Inc.’s
|
2022
|
2021
|
|||
|---|---|---|---|---|
|
Current assets
|
||||
|
Cash
|
$102,700
|
$97,700
|
||
|
|
79,400
|
90,000
|
||
|
Inventory
|
168,200
|
173,000
|
||
|
Prepaid expenses
|
26,900
|
22,900
|
||
|
Total current assets
|
$377,200
|
$383,600
|
||
|
Current liabilities
|
||||
|
Accrued expenses payable
|
$15,000
|
$9,300
|
||
|
Accounts payable
|
84,000
|
95,600
|
||
|
Total current liabilities
|
$99,000
|
$104,900
|
Prepare the operating activities section of the company’s statement of
Transcribed Image Text:CRANE INC.
Partial Statement of Cash Flows
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Adjustments to reconcile net income to
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