The income statement of Booker T Industries Inc. for the current year ended June 30 is...
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The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: 1 Sales 2 Cost of merchandise sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense 6 Other operating expenses 7 Total operating expenses 8 Income before income tax 9 Income tax expense 10 Net income Accounts receivable (net) Inventories $38,480.00 105,170.00 Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income tax payable Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: $515,500.00 288,200.00 $227,300.00 Increase (Decrease) ($12,370) 4,860 (3,600) (8,750) 1,120 (2,650) 143,650.00 $83,650.00 21,410.00 $62,240.00 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the direct method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Deduct", "Add" or colons (:) will automatically appear if required. 1 Cash flows from operating activities: 2 Cash received from customers 3 4 5 Booker Industries Inc. Cash Flows from Operating Activities Section For the Year Ended June 30 6 Deduct: Cash payments for merchandise Deduct: Cash payments for operating expenses Deduct: Cash payments for income taxes Net cash flow from operating activities Score: 27/51 The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: 1 Sales 2 Cost of merchandise sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense 6 Other operating expenses 7 Total operating expenses 8 Income before income tax 9 Income tax expense 10 Net income Accounts receivable (net) Inventories $38,480.00 105,170.00 Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income tax payable Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: $515,500.00 288,200.00 $227,300.00 Increase (Decrease) ($12,370) 4,860 (3,600) (8,750) 1,120 (2,650) 143,650.00 $83,650.00 21,410.00 $62,240.00 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the direct method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Deduct", "Add" or colons (:) will automatically appear if required. 1 Cash flows from operating activities: 2 Cash received from customers 3 4 5 Booker Industries Inc. Cash Flows from Operating Activities Section For the Year Ended June 30 6 Deduct: Cash payments for merchandise Deduct: Cash payments for operating expenses Deduct: Cash payments for income taxes Net cash flow from operating activities Score: 27/51
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
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