The current sections of Cullumber Companys balance sheets at December 31, 2021 and 2022, are presented here.
Question:
The current sections of Cullumber Company’s balance sheets at December 31, 2021 and 2022, are presented here. Cullumber Company’s net income for 2022 was $206,550. Depreciation expense was $36,450.
2022 | 2021 | |||
---|---|---|---|---|
Current assets | ||||
Cash | $141,750 | $ 133,650 | ||
Accounts receivable | 108,000 | 120,150 | ||
Inventory | 226,800 | 232,200 | ||
Prepaid expenses | 36,450 | 29,700 | ||
Total current assets | $513,000 | $515,700 | ||
Current liabilities | ||||
Accrued expenses payable | $ 20,250 | $ 6,750 | ||
Accounts payable | 114,750 | 124,200 | ||
Total current liabilities | $135,000 | $ 130,950 |
Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.
Cullumber Company Partial Statement of Cash Flows Choose the accounting period December 31, 2022For the Year Ended December 31, 2022For the Quarter Ended December 31, 2022 | ||
select an opening section name Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
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select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesNet Income | $enter a dollar amount | |
Adjustments to reconcile net income to | ||
select an opening name for subsection Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesNet Income | $enter a dollar amount | |
select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesNet Income | enter a dollar amount | |
select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesNet Income | enter a dollar amount | |
select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesNet Income | enter a dollar amount | |
select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesNet Income | enter a dollar amount | |
select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesNet Income | enter a dollar amount | |
enter a total amount for this subsection | ||
select a closing section name Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | $enter a total amount for this section |
Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso