Please do not give solution in image format thanku 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 samecurrent 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 depreciaexpense of $8,000Show 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 adecrease in cash.)Cash flows from operating activities:Adjustments to reconcile net income to net cashprovided by (used for) operating activities:Net cash provided by (used for) operating activities

The cash flow statement is prepared to record the cash flow from various activities during the…

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 ye 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 an 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 subtractes decrease in cash.) Cash flows from operating activities: Adjustments to reconcile net income to 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 ye 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 an 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 subtractes decrease in cash.) Cash flows from operating activities: Adjustments to reconcile net income to 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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