The current sections of Sunland Company's balance sheets at December 31, 2019 and 2020, are presented here. Sunland's net income for 2020 was $151,500. Depreciation expense was $23,000. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 $100,900 109,500 158,300 27,000 $395,700 $15,700 84,700 $100,400 2019 $97,800 78,300 173,000 25,300 $374,400 $9,000 96,000 $105,000 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. (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 Sunland Company's balance sheets at December 31, 2019 and 2020, are presented here. Sunland's net income for 2020 was $151,500. Depreciation expense was $23,000. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 $100,900 109,500 158,300 27,000 $395,700 $15,700 84,700 $100,400 2019 $97,800 78,300 173,000 25,300 $374,400 $9,000 96,000 $105,000 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. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The current sections of Sunland Company's balance sheets at December 31, 2019 and 2020, are presented here.
Sunland's net income for 2020 was $151,500. Depreciation expense was $23,000.
Current assets
Cash
Accounts receivable
Inventory
Prepaid expenses
Total current assets
Current liabilities
Accrued expenses payable
Accounts payable
Total current liabilities
2020
$100,900
109,500
158,300
27,000
$395,700
$15,700
84,700
$100,400
2019
$97,800
78,300
173,000
25,300
$374,400
$9,000
96,000
$105,000
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. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis
e.g. (15,000).)
Sunland Company
Transcribed Image Text:Partial Statement of Cash FlOWS
Adjustments to reconcile net income to
+
→
$
+
to
$
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