The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Selected Balance Sheet Accounts Ending Balances Inventory Accounts Receivable Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance CALENDARS INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31 Cash Flows from Operating Activities: $440 1,700 1,320 570 100 80 70 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities $ 76,000 35,000 15,800 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 9,800 2,300 1,200 1,100 900 $ 9,900 Beginning Balances $ 510 1,420 1,540 310 0 100 90 $ 0 0

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are
presented below.
Income Statement
Sales Revenue
Expenses:
Cost of Goods Sold
Depreciation Expense
Salaries and Wages Expense
Rent Expense
Insurance Expense
Interest Expense
Utilities Expense
Net Income
Selected Balance Sheet Accounts
Ending
Balances
Inventory
Accounts Receivable
Accounts Payable
Salaries and Wages Payable
Utilities Payable.
Prepaid Rent
Prepaid Insurance
Cash Flows from Operating Activities:
$ 440
1,700
1,320
570
100
CALENDARS INCORPORATED
Statement of Cash Flows (Partial)
For the Year Ended December 31
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
80
70
Changes in Current Assets and Current Liabilities
$ 76,000
35,000
15,800
9,800
2,300
1,200
1,100
900
$ 9,900
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be
deducted should be indicated by a minus sign.)
Beginning.
Balances
$ 510
1,420
1,540
310
0
100
90
0
0
Transcribed Image Text:The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Selected Balance Sheet Accounts Ending Balances Inventory Accounts Receivable Accounts Payable Salaries and Wages Payable Utilities Payable. Prepaid Rent Prepaid Insurance Cash Flows from Operating Activities: $ 440 1,700 1,320 570 100 CALENDARS INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 80 70 Changes in Current Assets and Current Liabilities $ 76,000 35,000 15,800 9,800 2,300 1,200 1,100 900 $ 9,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Beginning. Balances $ 510 1,420 1,540 310 0 100 90 0 0
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