Your answer is partially correct. The following information is available for Sweet Acacia Industries for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Decrease in Accounts Payable Increase in Accounts Receivable V Increase in Inventory Increase in Income Taxes Payable $72,000 Net Cash Provided by Operating Activities 5,920 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) V 259,200 13,120 17,600 454,560 Sweet Acacia Industries Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 56,000 19,200 7,520 462,400 41,600 320,000 $ 00000 113400 (2590) (5740) (7700) 3290 198870 100660 299530

Your answer is partially correct. The following information is available for Sweet Acacia Industries for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Decrease in Accounts Payable Increase in Accounts Receivable V Increase in Inventory Increase in Income Taxes Payable $72,000 Net Cash Provided by Operating Activities 5,920 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) V 259,200 13,120 17,600 454,560 Sweet Acacia Industries Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 56,000 19,200 7,520 462,400 41,600 320,000 $ 00000 113400 (2590) (5740) (7700) 3290 198870 100660 299530

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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Subject: acounting