Windsor Company reported net income of $460,000 for the current year. Depreciation recorded on buildings and equipment amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable Inventory Prepaid insurance Accounts payable Income taxes payable End of Year $24,500 17.500 52.500 7.300 10.700 560 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis eg. (15,000).) WINDSOR COMPANY Partial Statement of Cash Flows Beginning of Year $15.000 30,500 65,500 5.600 15.600 1.190 Adjustments to reconcile net income to
Windsor Company reported net income of $460,000 for the current year. Depreciation recorded on buildings and equipment amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable Inventory Prepaid insurance Accounts payable Income taxes payable End of Year $24,500 17.500 52.500 7.300 10.700 560 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis eg. (15,000).) WINDSOR COMPANY Partial Statement of Cash Flows Beginning of Year $15.000 30,500 65,500 5.600 15.600 1.190 Adjustments to reconcile net income to
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Windsor Company reported net income of $460,000 for the current year. Depreciation recorded on buildings and equipment
amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the
year are as follows:
Cash
Accounts receivable
Inventory
Prepaid insurance
Accounts payable
Income taxes payable
End of Year Beginning of Year
$24,500
$15.000
17.500
30,500
52.500
65,500
7.300
5.600
10.700
15.600
560
1.190
Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show
amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis eg. (15,000).)
WINDSOR COMPANY
Partial Statement of Cash Flows
Adjustments to reconcile net income to
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