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the opera ection of statem nt or Sn flows usin indirecT

the opera ection of statem nt or Sn flows usin indirecT

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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Exercise 12-3 (Algo) Indirect: Reporting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense F Net loss $ 105,000 72,000 33,000 29, 200 8,000 $ (37,200) Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net loss Changes in current operating assets and liabilities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 37,200 $ $ 28,000 21,000 27,000 16,000 37,200
Transcribed Image Text:Exercise 12-3 (Algo) Indirect: Reporting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense F Net loss $ 105,000 72,000 33,000 29, 200 8,000 $ (37,200) Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net loss Changes in current operating assets and liabilities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 37,200 $ $ 28,000 21,000 27,000 16,000 37,200
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