The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation'snet income for 2022 was $215,900. Depreciation expense was $35,700.Current assetsCashAccounts receivableInventoryPrepaid expensesTotal current assetsCurrent liabilitiesAccrued expenses payableAccounts payableTotal current liabilities2022$52,700eTextbook and Media72,25066,30014,450$205,700$5,10074,800$79,9002021Adjustments to reconcile net income to$75,65058,65052,70016,150$203,150Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)$ 13,60061,200$74,800Flint CorporationPartial Statement of Cash Flows$

Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash and cash equivalents during the year. A cash flow statement is also known as a statement of cash flows. It breaks the analysis into operating, investing, and financing activities.Flint CorporationPartial Statement of cash flowsFor the year December 31, 2022 Cash flow from operating activities: Net income $215,900 Adjustment to reconcile net income to operating cash flow Depreciation expense $35,700 Increase in Accounts receivable ($72,250-58,650) -13,600 Increase in Inventory ($66,300-52,700) -13,600 Decrease in Prepaid expense ($16,150-14,450) 1,700 Decrease in Accrued expense payable ($13,600-5,100) 8,500 Increase in Accounts payable ($74,800-61,200) 13,600 32,300 Net cash provided by operating activities $248,200

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The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation's net income for 2022 was $215,900. Depreciation expense was $35,700. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $52,700 72,250 66,300 14,450 $205,700 $5,100 74,800 $79,900 2021 $75,650 Adjustments to reconcile net income to 58,650 52,700 16,150 $203,150 $ 13,600 61,200 $74,800 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).) Flint Corporation Partial Statement of Cash Flows

The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation's net income for 2022 was $215,900. Depreciation expense was $35,700. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $52,700 72,250 66,300 14,450 $205,700 $5,100 74,800 $79,900 2021 $75,650 Adjustments to reconcile net income to 58,650 52,700 16,150 $203,150 $ 13,600 61,200 $74,800 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).) Flint Corporation Partial Statement of Cash Flows

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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