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The net income reported on the income statement for the current year was $267,658. Depreciation recorded on fixed assets and amortization of patents for the year wi 39,416 and $8,813, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $67,077 Accounts Receivable 104,170 Inventories 94,224 Prepaid Expenses 7,558 Accounts Payable (merchandise creditors) 74,085 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? $250,802 Oh $273,322 $348,150 45247,037 $40,557 126,402 114,557 3,636 47,643

The net income reported on the income statement for the current year was $267,658. Depreciation recorded on fixed assets and amortization of patents for the year wi 39,416 and $8,813, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $67,077 Accounts Receivable 104,170 Inventories 94,224 Prepaid Expenses 7,558 Accounts Payable (merchandise creditors) 74,085 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? $250,802 Oh $273,322 $348,150 45247,037 $40,557 126,402 114,557 3,636 47,643

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The net income reported on the income statement for the current year was $267,658. Depreciation recorded on fixed assets and amortization of patents for the year were $39,416 and $8,813, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $40,557 Accounts Receivable 126,402 Inventories 114,557 94,224 Prepaid Expenses 3,636 7,558 Accounts Payable (merchandise creditors) 47,643 74,085 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? O $250,802 b. $273,322 5348,150 45247,037 $67,077 104,170
Transcribed Image Text:The net income reported on the income statement for the current year was $267,658. Depreciation recorded on fixed assets and amortization of patents for the year were $39,416 and $8,813, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $40,557 Accounts Receivable 126,402 Inventories 114,557 94,224 Prepaid Expenses 3,636 7,558 Accounts Payable (merchandise creditors) 47,643 74,085 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? O $250,802 b. $273,322 5348,150 45247,037 $67,077 104,170
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