QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Selected Balance Sheet Information...

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QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Selected Balance Sheet Information At December .31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable. Sales 2020 2019 $ 85,150 25,500 $ 27,300 33,000 60,500 54,200. 31,400 26,200 2,100 2,300 MOSS COMPANY Income Statement For Year Ended December 31, 2020. Cost of goods sold " Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $520,000 333,600 186,400 122,500 37,000 26,900 8,600 $ 18,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation Accounts payable Income taxes payable. Sales. 31,400 2,100 MOSS COMPANY Income Statement 26,200 2,300 For Year Ended December 31, 2020 $520,000 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 333,600 186,400 122,500. 37,000 26,900 8,600 $ 18,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation 0 0 QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Selected Balance Sheet Information At December .31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable. Sales 2020 2019 $ 85,150 25,500 $ 27,300 33,000 60,500 54,200. 31,400 26,200 2,100 2,300 MOSS COMPANY Income Statement For Year Ended December 31, 2020. Cost of goods sold " Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $520,000 333,600 186,400 122,500 37,000 26,900 8,600 $ 18,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation Accounts payable Income taxes payable. Sales. 31,400 2,100 MOSS COMPANY Income Statement 26,200 2,300 For Year Ended December 31, 2020 $520,000 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 333,600 186,400 122,500. 37,000 26,900 8,600 $ 18,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation 0 0