Compute cash flows from operating activities for Edwards Company under the indirect reporting format. Edwards Company provided
Question:
Compute cash flows from operating activities for Edwards Company under the indirect reporting format. Edwards Company provided you with the following information for the current year. Accounts Payable relate to Selling. General and Administrative Expenses.
Compute net cash flow from operating activities under the indirect reporting format.
Edwards Company Statement of Net Income for the Ended December 31, 2019 Sales $347.000 Depreciation Expense (35 000) Selling, Genera, and Administrative Expenses (17,000) 7,400 Gain on Sa e of Equipment Other Expenses (8 200) income before Taxes 194,200 Tax Expense (58, 260) Net Income $135.940 December 31, Select Balance Sheet Accounts 2018 2019 $ 40,000 $ 37,400 Cash Investments (noncurent) 25,000 35,800 Prepaid Rent 248.200 280.200 Accounts Payable 116,400 136,000 Income Taxes Payable 5,900 4, 300 Long Term Debt 189.600 176,300 Common Stock 248,900 305,600
Step by Step Answer:
Edwards Company Partial Statement of Cash Flows For Year Ended December ...View the full answer
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Related Video
In order to determine the amount of cash created by operating operations, the indirect technique for preparing the statement of cash flows entails adjusting net income with changes in balance sheet.
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