Westfall Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $50,000 and its total current liabilities totaling $36,000. At the end of the year, these same current assets totaled $48,000, while its total current liabilities totaled $40.000. Net income for the year was $81,000 Included in net income were a $4,000 loss on the sale of land and depreciation expense of $8,000. Show how Westfall should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Question Viewer Net cash provided by (used for) operating activities

Westfall Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $50,000 and its total current liabilities totaling $36,000. At the end of the year, these same current assets totaled $48,000, while its total current liabilities totaled $40.000. Net income for the year was $81,000 Included in net income were a $4,000 loss on the sale of land and depreciation expense of $8,000. Show how Westfall should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Question Viewer Net cash provided by (used for) operating activities

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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