Presented below are selected balance sheet information and the income statement for Burch Company. Selected Balance...
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Presented below are selected balance sheet information and the income statement for Burch Company. Selected Balance Sheet Information Jan. 1 Dec. 31 Cash $16,200 $17,500 Accounts receivable 8,000 10,500 Inventory 24,000 21,000 Accounts payable 10,000 15,100 Income taxes payable 2,500 1,500 Burch Company Income Statement For the year ended December 31 Sales $250,000 Cost of goods sold (160,000) Depreciation expense (18,100) Other expenses (35,000) Income tax expense (12,000) Net income $24,900 Required: Compute the net cash flows from operating activities using the direct method. Presented below are selected balance sheet information and the income statement for Burch Company. Selected Balance Sheet Information Jan. 1 Dec. 31 Cash $16,200 $17,500 Accounts receivable 8,000 10,500 Inventory 24,000 21,000 Accounts payable 10,000 15,100 Income taxes payable 2,500 1,500 Burch Company Income Statement For the year ended December 31 Sales $250,000 Cost of goods sold (160,000) Depreciation expense (18,100) Other expenses (35,000) Income tax expense (12,000) Net income $24,900 Required: Compute the net cash flows from operating activities using the direct method.
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