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www Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities. Accounts payable Income taxes payable. $ 90,150 30,500 65,500 41,400 2,600 $ 539,000 353,600 185,400 127,500 47,000 2020 10,900 6,600 $ 4,300 $ 32,300 43,000 55,200 31,200 3,300 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 47,000 47.000

www Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities. Accounts payable Income taxes payable. $ 90,150 30,500 65,500 41,400 2,600 $ 539,000 353,600 185,400 127,500 47,000 2020 10,900 6,600 $ 4,300 $ 32,300 43,000 55,200 31,200 3,300 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 47,000 47.000

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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Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 wwwwwwww Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable. $ 90,150 30,500 65,500 41,400 2,600 $ 539,000 353,600 185,400 127,500 47,000 10,900 6,600 $ 4,300 2020 $32,300 43,000 55,200 31,200 3,300 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 47,000 47.000
Transcribed Image Text:Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 wwwwwwww Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable. $ 90,150 30,500 65,500 41,400 2,600 $ 539,000 353,600 185,400 127,500 47,000 10,900 6,600 $ 4,300 2020 $32,300 43,000 55,200 31,200 3,300 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 47,000 47.000
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