The current sections of Flint Corporation’s balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation’s net income for 2022 was $130,050. Depreciation expense was $22,950.

		2022		2021
Current assets
Cash		$89,250		$ 84,150
Accounts receivable		68,000		75,650
Inventory		142,800		146,200
Prepaid expenses		22,950		18,700
Total current assets		$323,000		$324,700
Current liabilities
Accrued expenses payable		$ 12,750		$ 4,250
Accounts payable		72,250		78,200
Total current liabilities		$85,000		$ 82,450

 

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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. (Show amounts that decrease cash flow with either a- sign e.g. -15,000 or in parenthesis e.g. (15,000).) Flint Corporation Partial Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash at End of Period Decrease in Accounts Receivable $ Decrease in Inventory Increase in Prepaid Expenses Increase in Accrued Expenses Payable Decrease in Accounts Payable Depreciation Expense Net Cash used by Operating Activities 2$ 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. (Show amounts that decrease cash flow with either a- sign e.g. -15,000 or in parenthesis e.g. (15,000).) Flint Corporation Partial Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash at End of Period Decrease in Accounts Receivable $ Decrease in Inventory Increase in Prepaid Expenses Increase in Accrued Expenses Payable Decrease in Accounts Payable Depreciation Expense Net Cash used by Operating Activities 2$

Answer rating: 100% (QA)

D 1 Flint Corporation 2 Statement of cash flow Part... View the full answer