1234 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19...

Transcribed Image Text:

1234 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 A B Portions of the financial statements for PTO Products are provided below: Sales Cost of goods sold Gross margin Salaries expense PTO PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2023 Depreciation expense Amortization expense Interest expense Loss on sale of land Net Income C Income before taxes Income tax expense D $36,000 26,000 4,000 6,000 1,000 $200,000 68,000 132,000 73,000 59,000 12,000 $47,000 E 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 A C PTO PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2023 and 2022 2023 B Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable Required: PTO PRODUCTS COMPANY Cash Flows from Operating Activities Adjustments for noncash effects: Changes in operating assets and liabilities: $29,000 36,000 72,000 34,000 14,000 5,000 8,000 Net cash flows from operating activities Graded Worksheet + D Calculation Mode: Automatic Workbook Statistics 2022 Prepare the cash flows from operating activities section of the statement of cash flows for PTO Products Company using the indirect method. $28,000 40,000 80,000 32,000 16,000 4,000 6,000 E F 1234 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 A B Portions of the financial statements for PTO Products are provided below: Sales Cost of goods sold Gross margin Salaries expense PTO PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2023 Depreciation expense Amortization expense Interest expense Loss on sale of land Net Income C Income before taxes Income tax expense D $36,000 26,000 4,000 6,000 1,000 $200,000 68,000 132,000 73,000 59,000 12,000 $47,000 E 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 A C PTO PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2023 and 2022 2023 B Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable Required: PTO PRODUCTS COMPANY Cash Flows from Operating Activities Adjustments for noncash effects: Changes in operating assets and liabilities: $29,000 36,000 72,000 34,000 14,000 5,000 8,000 Net cash flows from operating activities Graded Worksheet + D Calculation Mode: Automatic Workbook Statistics 2022 Prepare the cash flows from operating activities section of the statement of cash flows for PTO Products Company using the indirect method. $28,000 40,000 80,000 32,000 16,000 4,000 6,000 E F

Answer rating: 100% (QA)

Cash flow from operations using Indirect Method laviv... View the full answer