New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. The income statement of Bonita Company is shown below. BONITA COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,470,000 Cost of goods sold Beginning inventory $2,050,000 Purchases 4,300,000 Goods available for sale 6,350,000 Ending inventory 1,650,000 Cost of goods sold 4,700,000 Gross profit 1,770,000 Operating expenses Selling expenses 430,000 Administrative expenses 700,000 1,130,000 Net income $640,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $130,000 during the year. 5. Administrative expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Bonita Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BONITA COMPANY Statement of Cash Flows (Partial) choose the accounting period select an opening section name select an item $enter a dollar amount Adjustments to reconcile net income to select a subsection name select an item $enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount enter a subtotal of the adjustments select a closing section name $enter a total amount for the section
New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. The income statement of Bonita Company is shown below. BONITA COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,470,000 Cost of goods sold Beginning inventory $2,050,000 Purchases 4,300,000 Goods available for sale 6,350,000 Ending inventory 1,650,000 Cost of goods sold 4,700,000 Gross profit 1,770,000 Operating expenses Selling expenses 430,000 Administrative expenses 700,000 1,130,000 Net income $640,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $130,000 during the year. 5. Administrative expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Bonita Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BONITA COMPANY Statement of Cash Flows (Partial) choose the accounting period select an opening section name select an item $enter a dollar amount Adjustments to reconcile net income to select a subsection name select an item $enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount enter a subtotal of the adjustments select a closing section name $enter a total amount for the section
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
Related questions
Topic Video
Question
16.
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Your answer is partially correct.
The income statement of Bonita Company is shown below.
Additional information:
Prepare the operating activities section of the statement ofcash flows for the year ended December 31, 2020, for Bonita Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
BONITA COMPANY
INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 |
||||
---|---|---|---|---|
Sales revenue
|
$6,470,000
|
|||
Cost of goods sold
|
||||
Beginning inventory
|
$2,050,000
|
|||
Purchases
|
4,300,000
|
|||
Goods available for sale
|
6,350,000
|
|||
Ending inventory
|
1,650,000
|
|||
Cost of goods sold
|
4,700,000
|
|||
Gross profit
|
1,770,000
|
|||
Operating expenses
|
||||
Selling expenses
|
430,000
|
|||
Administrative expenses
|
700,000
|
1,130,000
|
||
Net income
|
$640,000
|
Additional information:
1. | ||
2. | Prepaid expenses increased $170,000 during the year. | |
3. | Accounts payable to suppliers of merchandise decreased $280,000 during the year. | |
4. | Accrued expenses payable decreased $130,000 during the year. | |
5. | Administrative expenses include |
Prepare the operating activities section of the statement of
BONITA COMPANY
Statement of Cash Flows (Partial) choose the accounting period |
||
---|---|---|
select an opening section name
|
||
select an item
|
$enter a dollar amount
|
|
Adjustments to reconcile net income to
|
||
select a subsection name
|
||
select an item
|
$enter a dollar amount
|
|
select an item
|
enter a dollar amount
|
|
select an item
|
enter a dollar amount
|
|
select an item
|
enter a dollar amount
|
|
select an item
|
enter a dollar amount
|
|
select an item
|
enter a dollar amount
|
|
enter a subtotal of the adjustments
|
||
select a closing section name
|
$enter a total amount for the section
|
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Excel Applications for Accounting Principles](https://www.bartleby.com/isbn_cover_images/9781111581565/9781111581565_smallCoverImage.gif)
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning