The income statement disclosed the following items for year: Depreciation expense $56,800 Gain on disposal of equipment
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Question:
The income statement disclosed the following items for year:
Depreciation expense | $56,800 |
Gain on disposal of equipment | 33,110 |
Net income | 452,600 |
The changes in the current asset and liability accounts for the year are as follows:
Increase (Decrease) | ||
Accounts receivable | $8,840 | |
Inventory | (5,030) | |
Prepaid insurance | (1,890) | |
Accounts payable | (5,990) | |
Income taxes payable | 1,890 | |
Dividends payable | 1,320 |
Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
Cash flows from operating activities: | |
Net income | $ |
Adjustments to reconcile net income to net cash flow from operating activities: | |
Depreciation | |
Gain on disposal of equipment | |
Changes in current operating assets and liabilities: | |
Increase in accounts receivable | |
Decrease in inventory | |
Decrease in prepaid insurance | |
Decrease in accounts payable | |
Increase in income taxes payable | |
Net cash flow from operating activities |
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