The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented...

 

  

Transcribed Image Text:

The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation expense was $23,000. 2020 2019 Current assets Cash $101,500 $96,100 Accounts receivable 110,500 79,000 Inventory 159,000 172,300 Prepaid expenses 26,700 25,600 Total current assets $397,700 $373,000 Current liabilities Accrued expenses payable $15,400 $9,800 Accounts payable 85,700 96,000 Total current liabilities $101,100 $105,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).) The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation expense was $23,000. 2020 2019 Current assets Cash $101,500 $96,100 Accounts receivable 110,500 79,000 Inventory 159,000 172,300 Prepaid expenses 26,700 25,600 Total current assets $397,700 $373,000 Current liabilities Accrued expenses payable $15,400 $9,800 Accounts payable 85,700 96,000 Total current liabilities $101,100 $105,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).) The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation expense was $23,000. 2020 2019 Current assets Cash $101,500 $96,100 Accounts receivable 110,500 79,000 Inventory 159,000 172,300 Prepaid expenses 26,700 25,600 Total current assets $397,700 $373,000 Current liabilities Accrued expenses payable $15,400 $9,800 Accounts payable 85,700 96,000 Total current liabilities $101,100 $105,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).) The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation expense was $23,000. 2020 2019 Current assets Cash $101,500 $96,100 Accounts receivable 110,500 79,000 Inventory 159,000 172,300 Prepaid expenses 26,700 25,600 Total current assets $397,700 $373,000 Current liabilities Accrued expenses payable $15,400 $9,800 Accounts payable 85,700 96,000 Total current liabilities $101,100 $105,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).) The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation expense was $23,000. 2020 2019 Current assets Cash $101,500 $96,100 Accounts receivable 110,500 79,000 Inventory 159,000 172,300 Prepaid expenses 26,700 25,600 Total current assets $397,700 $373,000 Current liabilities Accrued expenses payable $15,400 $9,800 Accounts payable 85,700 96,000 Total current liabilities $101,100 $105,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).) The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation expense was $23,000. 2020 2019 Current assets Cash $101,500 $96,100 Accounts receivable 110,500 79,000 Inventory 159,000 172,300 Prepaid expenses 26,700 25,600 Total current assets $397,700 $373,000 Current liabilities Accrued expenses payable $15,400 $9,800 Accounts payable 85,700 96,000 Total current liabilities $101,100 $105,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).)

Answer rating: 100% (QA)

Novak Corporation Statement of Cash Flows For the year Ended December 312020 Ne... View the full answer