The income statement and a partial balance sheet for Vespoint Company is presented below. Prepare a...

 

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The income statement and a partial balance sheet for Vespoint Company is presented below. Prepare a properly formatted operating activities section of the statement of cash flows using the indirect method (12 pts.). Vespoint Company Income Statement For the Year Ended December 31, 2019 Vespoint Company Comparative Balance Sheet As of December 31, 2019 and 2018 S600,000 450,000 $150,000 2019 $85,000 60,000 105,000 4,500 58,000 7,500 2018 $65,000 50,000 86,000 4,000 52,000 6,000 Sales Cash Cost of goods sold Gross profit Operating expenses: Salaries Depreciation expense Miscellancous Accounts receivable (net) Inventories $70,000 30,000 10,000 110,000 Prepaid expenses Accounts payable Salaries payable Net income $40.000 The income statement and a partial balance sheet for Vespoint Company is presented below. Prepare a properly formatted operating activities section of the statement of cash flows using the indirect method (12 pts.). Vespoint Company Income Statement For the Year Ended December 31, 2019 Vespoint Company Comparative Balance Sheet As of December 31, 2019 and 2018 S600,000 450,000 $150,000 2019 $85,000 60,000 105,000 4,500 58,000 7,500 2018 $65,000 50,000 86,000 4,000 52,000 6,000 Sales Cash Cost of goods sold Gross profit Operating expenses: Salaries Depreciation expense Miscellancous Accounts receivable (net) Inventories $70,000 30,000 10,000 110,000 Prepaid expenses Accounts payable Salaries payable Net income $40.000

Answer rating: 100% (QA)

Solution Statement of Cash Flows Indirect Approach Amount in Amount in Net Cash flows from ope... View the full answer