The current sections of Pearl Corp's balance sheets at December 31, 2021 and 2022, are presented...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The current sections of Pearl Corp's balance sheets at December 31, 2021 and 2022, are presented here. Pearl Corp.'s net income for 2022 was $168,300. Depreciation expense was $29,700. 2022 2021 Current assets Cash $115,500 $ 108,900 Accounts receivable 88,000 97,900 Inventory 184,800 189,200 Prepaid expenses 29,700 24,200 Total current assets $418,000 $420.200 Current liabilities Accrued expenses payable $ 16,500 $5,500 Accounts payable 93,500 101.200 Total current liabilities $110,000 $ 106,700 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 decreese cash flow with either a - signeg -15,000 or in parenthesis eg. (15,000).) Pearl Corp. Partial Statement of Cash Flows December 31, 2022 Cash Flows from Operating Activities Net Income 168,300 Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense 29,700 Decrease in Accounts Receivable Decrease in Inventory Increase in Prepaid Expenses Decrease in Accrued Expenses Payable : Decrease in Accounts Payable Net Cash Provided by Operating Activities The current sections of Pearl Corp's balance sheets at December 31, 2021 and 2022, are presented here. Pearl Corp.'s net income for 2022 was $168,300. Depreciation expense was $29,700. 2022 2021 Current assets Cash $115,500 $ 108,900 Accounts receivable 88,000 97,900 Inventory 184,800 189,200 Prepaid expenses 29,700 24,200 Total current assets $418,000 $420.200 Current liabilities Accrued expenses payable $ 16,500 $5,500 Accounts payable 93,500 101.200 Total current liabilities $110,000 $ 106,700 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 decreese cash flow with either a - signeg -15,000 or in parenthesis eg. (15,000).) Pearl Corp. Partial Statement of Cash Flows December 31, 2022 Cash Flows from Operating Activities Net Income 168,300 Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense 29,700 Decrease in Accounts Receivable Decrease in Inventory Increase in Prepaid Expenses Decrease in Accrued Expenses Payable : Decrease in Accounts Payable Net Cash Provided by Operating Activities
Expert Answer:
Answer rating: 100% (QA)
Cash flows from Operating Activities Pearl Corp Partial statement of Cah Flo... View the full answer
Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
The current sections of Nasreen Inc.s balance sheets at December 31, 2013 and 2014, are presented here. Nasreens net income for 2014 was $153,000. Depreciation expense was $24,000. Instructions...
-
The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. Instructions...
-
The current sections of Scooters Rentals balance sheets at December 31, 2017 and 2016, are presented here. Scooters' profit for 2017 was $153,000. Depreciation expense was $24,000. Instructions...
-
Steven Stores, Inc. provided the following statement of net income for the current year. All income is subject to a 40% income tax rate. The company also had $ 735 of unrealized holding gains on its...
-
SLIX wax is developing a new high performance fluorocarbon wax for cross country ski racing designed to be used under a wide variety of conditions. In order to justify the price marketing wants, the...
-
Amazon.com, Inc., (AMZN) operates as an online retailer in North America and internationally. Both Amazon and third parties, via the Amazon.com Web site, sell products across various product...
-
Suppose that a probability of \(\frac{1}{16}\) is assigned to each point of the sample space of part (a) of Exercise 3.1 on page 65 . Find the probability distribution of the total number of units of...
-
The market value of the equity of Thompson, Inc., is $580,000. The balance sheet shows $35,000 in cash and $190,000 in debt, while the income statement has EBIT of $91,000 and a total of $135,000 in...
-
Write with proper APA references. Explain Cost of quality project planning in a company. Prepare a project plan for implementing cost of quality for the company you choose which has at least one ISO....
-
Assume a company has only one service department and one operating department. The service departments budgeted and actual variable costs for the period were $80,000 and $84,000, respectively. The...
-
Most of the claims the insurance (firms/firm's) processed after the partial mine collapse were categorized as (Worker/Workers') Compensation. Question 10 options: firms ... Worker firms ... Workers'...
-
Discuss the information provided in the three main financial statements. And if you can only have access to one of these three statements in order to make a decision on whether to invest or not in a...
-
A property manager is preparing a monthly report pursuant to the terms of a property management agreement. This report details actual income received from rent and other fees, along with actual...
-
reply to this: hoose a king from the Divided Kingdom era that the Kings and Chronicles account both mention and write a thread. Provide a brief synopsis of the king's rule, then analyze how the...
-
What is a discount? How do you activate discounts? Activate discounts: Assign a discount account: 3. Discounts Given - What is the account type and detail type for this account?
-
What is driving the increase in the price of healthcare services today? Explain why it is important to know the scope of business being reviewed when using financial statements. Explain the content...
-
According to modern science, Earth is about 4.5 billion years old and written human history extends back about 10,000 years. Suppose the entire history of Earth is represented with a 10-meter-long...
-
If you want to solve a minimization problem by applying the geometric method to the dual problem, how many variables and problem constraints must be in the original problem?
-
In the direct method, why is depreciation expense not reported in the cash flows from operating activities section?
-
The following data were taken from the records of Moxie Company for the year ended December 31, 2014. Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used...
-
What steps are involved in developing an activity-based costing system?
-
What is the activity in \(\mathrm{Bq}\) and in \(\mathrm{Ci}\) of a \(2.0 \mathrm{mg}\) sample of \({ }^{3} \mathrm{H}\) ?
-
The activity of a sample of the cesium isotope \({ }^{137} \mathrm{Cs}\) is \(2.0 \times 10^{8} \mathrm{~Bq}\). Many years later, after the sample has fully decayed, how many beta particles will have...
-
The technique known as potassiumargon dating is used to date volcanic rock and ash, and thus establish dates for nearby fossils, like this 1.8 -millionyear-old hominid skull. The potassium isotope...
Study smarter with the SolutionInn App