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: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1DC: Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the...

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