Staley Inc. reported the following data: Net income $396,200 Depreciation expense 61,250 Loss on disposal of equipment
Question:
Staley Inc. reported the following data:
Net income | $396,200 |
Depreciation expense | 61,250 |
Loss on disposal of equipment | 27,600 |
Increase in accounts receivable | 9,000 |
Increase in accounts payable | 3,350 |
Prepare the Cash Flows from the Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, and any adjustments, if required.
Prepare the Cash Flows from the Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, and any adjustments, if required.
Staley Inc. |
Statement of Cash Flows (partial) |
1 | Cash flows from operating activities: | ||
2 | |||
3 | Adjustments to reconcile net income to net cash flow from operating activities: | ||
4 | |||
5 | |||
6 | Changes in current operating assets and liabilities: | ||
7 | |||
8 | |||
9 |
Financial and Managerial Accounting
ISBN: 978-1337119207
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac