The current sections of Vaughn Inc's balance sheets at December 31, 2019 and 2020, are presented here.Vaughn's net income for 2020 was $214,500. Depreciation expense was $48,000.Current assetsCashAccounts receivableInventoryPrepaid expenseTotal current assetsCurrent liabilitiesAccrued expenses payableAccounts payableTotal current liabilities20202019128.000$126.500 $110,500100.500165,500195,00050,00032,500$470,000 $438.500$38,000 $16.50096,500116,000$134,500$132,500Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a sign eg-15,000 or in parenthesis eg. (15,000))VAUGHN INC.Partial Statement of Cash Flows

Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…

The current sections of Vaughn Inc's balance sheets at December 31, 2019 and 2020, are presented here. Vaughn's net income for 2020 was $214,500. Depreciation expense was $48.000 2019 Current assets Cash Accounts receivable Inventory Prepaid expense Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 $126,500 $110,500 100.500 195,000 50,000 32,500 $470,000 $438,500 128.000 165,500 $38,000 96,500 $134,500 $16.500 116,000 $132,500 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 eg -15,000 or in parenthesis eg (15.000)) VAUGHN INC. Partial Statement of Cash Flows

The current sections of Vaughn Inc's balance sheets at December 31, 2019 and 2020, are presented here. Vaughn's net income for 2020 was $214,500. Depreciation expense was $48.000 2019 Current assets Cash Accounts receivable Inventory Prepaid expense Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 $126,500 $110,500 100.500 195,000 50,000 32,500 $470,000 $438,500 128.000 165,500 $38,000 96,500 $134,500 $16.500 116,000 $132,500 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 eg -15,000 or in parenthesis eg (15.000)) VAUGHN INC. 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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