Petroni Company reports the following selected results for its calendar year 2018. Net income .................................................................... $135,000 Depreciation
Question:
Petroni Company reports the following selected results for its calendar year 2018.
Net income .................................................................... $135,000
Depreciation expense .................................................. 25,000
Gain on sale of assets .................................................. 5,000
Accounts receivable increase ...................................... 10,000
Accounts payable increase ........................................... 6,000
Prepaid expenses decrease ......................................... 3,000
Wages payable decrease ............................................... 4,000
REQUIRED:
Prepare the operating section only of Petroni Company's statement of cash flows for 2018 under the indirect method of reporting.
Step by Step Answer:
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman