Sheridan's net income for 2022 was $150,900. Depreciation expense was $23,200. 2022 2021 Current assets Cash...

 

Transcribed Image Text:

Sheridan's net income for 2022 was $150,900. Depreciation expense was $23,200. 2022 2021 Current assets Cash $107,500 $102,500 Accounts receivable 70,400 80,700 Inventory 168,000 172,400 Prepaid expenses 26,700 21,000 Total current assets $372,600 $376,600 Current liabilities Accrued expenses payable $16,000 $5,100 Accounts payable 84,300 91,000 Total current liabilities $100,300 $96,100 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Sheridan's net income for 2022 was $150,900. Depreciation expense was $23,200. 2022 2021 Current assets Cash $107,500 $102,500 Accounts receivable 70,400 80,700 Inventory 168,000 172,400 Prepaid expenses 26,700 21,000 Total current assets $372,600 $376,600 Current liabilities Accrued expenses payable $16,000 $5,100 Accounts payable 84,300 91,000 Total current liabilities $100,300 $96,100 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)