Hamburger Heavens income statement for the current year and selected balance sheet data for the current and
Question:
Hamburger Heaven’s income statement for the current year and selected balance sheet data for the current and prior years ended December 31 are presented below.
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.
Transcribed Image Text:
Income Statement Selected Balance Sheet Accounts Sales Revenue $2,060 Current Prior Expenses: Year Year Cost of Goods Sold 900 $ 82 $ 60 Inventory Accounts Receivable Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 200 380 450 500 Accounts Payable 200 210 250 Salaries/Wages Payable Utilities Payable 29 20 80 20 60 60 Prepald Rent Prepald Insurance 2 10 50 14 Net Income $ 20
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Net Income 20 Depreciation expense 200 Increase in Inventory ...View the full answer
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Related Book For
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
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