The financial information below presents operating revenue and expenses for 2020 as well as the starting and ending balances for relevant asset and liability accounts that changed during the year: Sales revenue $909,272 Depreciation expense $3,206 Cost of goods sold 445,563 Selling, general and administrative expenses 91,316 Interest expense 12,402 Income tax expense 143,126 Accounts receivable 12/31/19 65,305 Accounts receivable 12/31/20 67,810 Accounts payable 12/31/19 16,540 Accounts payable 12/31/20 17,261 Prepaid expenses 12/31/19 4,107 Prepaid expenses 12/31/20 3,875 Inventory 12/31/19 7,852 Inventory 12/31/20 6,491 Prepare the Operating section of the Cash Flow Statement using the indirect approach.
The financial information below presents operating revenue and expenses for 2020 as well as the starting and ending balances for relevant asset and liability accounts that changed during the year: Sales revenue $909,272 Depreciation expense $3,206 Cost of goods sold 445,563 Selling, general and administrative expenses 91,316 Interest expense 12,402 Income tax expense 143,126 Accounts receivable 12/31/19 65,305 Accounts receivable 12/31/20 67,810 Accounts payable 12/31/19 16,540 Accounts payable 12/31/20 17,261 Prepaid expenses 12/31/19 4,107 Prepaid expenses 12/31/20 3,875 Inventory 12/31/19 7,852 Inventory 12/31/20 6,491 Prepare the Operating section of the Cash Flow Statement using the indirect approach.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The financial information below presents operating revenue and expenses for 2020 as well as the starting and ending balances for relevant asset and liability accounts that changed during the year:
|
Sales revenue |
$909,272 |
|
$3,206 |
|
Cost of goods sold |
445,563 |
Selling, general and administrative expenses |
91,316 |
|
Interest expense |
12,402 |
Income tax expense |
143,126 |
|
|
65,305 |
Accounts receivable 12/31/20 |
67,810 |
|
Accounts payable 12/31/19 |
16,540 |
Accounts payable 12/31/20 |
17,261 |
|
Prepaid expenses 12/31/19 |
4,107 |
Prepaid expenses 12/31/20 |
3,875 |
|
Inventory 12/31/19 |
7,852 |
Inventory 12/31/20 |
6,491 |
Prepare the Operating section of the
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