The following information pertains to Guy's Gear Company: Sales Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Decrease Inventory Increase Salaries and Wages Payable Increase $48,500 5,700 11,700 $ 3,700 7,700 720 $77,000 Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Adjustments to Reconcile Net Income to Cash Provided by Operating Activities 65,900 $11,100 GUY'S GEAR COMPANY Cash Flow from Operating Activities-Indirect Method Changes in Current Assets and Current Liabilities

The following information pertains to Guy's Gear Company: Sales Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Decrease Inventory Increase Salaries and Wages Payable Increase $48,500 5,700 11,700 $ 3,700 7,700 720 $77,000 Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Adjustments to Reconcile Net Income to Cash Provided by Operating Activities 65,900 $11,100 GUY'S GEAR COMPANY Cash Flow from Operating Activities-Indirect Method Changes in Current Assets and Current Liabilities

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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