The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable Inventories Prepaid expenses Accounts payable (merchandise creditors) End of Year $ 65,000 100,000 145,000 7,500 51,000 Beginning of Year $ 70,000 90,000 150,000 8,000 58,000 Prepare the net cash flows from operating activities section of the statement of cash flows us the indirect method.

The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable Inventories Prepaid expenses Accounts payable (merchandise creditors) End of Year $ 65,000 100,000 145,000 7,500 51,000 Beginning of Year $ 70,000 90,000 150,000 8,000 58,000 Prepare the net cash flows from operating activities section of the statement of cash flows us the indirect method.

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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