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The income statement disclosed the following items for 2013: $34,000 Depreciation expense Gain on disposal of equipment 18,000 Net income 283,000 Balances of the current assets and current liabilities accounts changed between December 31, 2008 and December 31, 2013, as follows: Increase in accounts receivable $7,600 Decrease in inventory 2,600 Decrease in prepaid insurance 1,500 Decrease in account payable 4,000 Increase in income taxes payable 1,400 Increase in dividends payable 950 Prepare the Cash Flows for Operating Activities section of the statement of cash flows, using the indirect method.

The income statement disclosed the following items for 2013: $34,000 Depreciation expense Gain on disposal of equipment 18,000 Net income 283,000 Balances of the current assets and current liabilities accounts changed between December 31, 2008 and December 31, 2013, as follows: Increase in accounts receivable $7,600 Decrease in inventory 2,600 Decrease in prepaid insurance 1,500 Decrease in account payable 4,000 Increase in income taxes payable 1,400 Increase in dividends payable 950 Prepare the Cash Flows for Operating Activities section of the statement of cash flows, using the indirect method.

FINANCIAL ACCOUNTING
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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The income statement disclosed the following items for 2013: $34,000 Depreciation expense Gain on disposal of equipment 18,000 Net income 283,000 Balances of the current assets and current liabilities accounts changed between December 31, 2008 and December 31, 2013, as follows: Increase in accounts receivable $7,600 Decrease in inventory 2,600 Decrease in prepaid insurance 1,500 Decrease in account payable 4,000 Increase in income taxes payable 1,400 Increase in dividends payable 950 Prepare the Cash Flows for Operating Activities section of the statement of cash flows, using the indirect method.
Transcribed Image Text:The income statement disclosed the following items for 2013: $34,000 Depreciation expense Gain on disposal of equipment 18,000 Net income 283,000 Balances of the current assets and current liabilities accounts changed between December 31, 2008 and December 31, 2013, as follows: Increase in accounts receivable $7,600 Decrease in inventory 2,600 Decrease in prepaid insurance 1,500 Decrease in account payable 4,000 Increase in income taxes payable 1,400 Increase in dividends payable 950 Prepare the Cash Flows for Operating Activities section of the statement of cash flows, using the indirect method.
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