Use the information from BE22-17 assuming that Soccer Emporium is an IFRS reporter that reconciles operating income

Question:

Use the information from BE22-17 assuming that Soccer Emporium is an IFRS reporter that reconciles operating income to operating cash flows. Compute cash flows from operating activities for Soccer Emporium under the indirect reporting format.
In BE22-17
Soccer Emporium provided the following information for the current year.
Simplified Income StatementAmount
Sales……………………………………………..$ 567,000
Depreciation Expense…………………………… (52,000)
Selling, General, and Administrative Expenses… (488,000)
Operating Income……………………………….. 27,000
Tax Expense……………………………………... (8,000)
Net Income………………………………………. $ 19,000
Account Changes from the in Accounts Receivable………………… $ 9,000
Decrease in Prepaid Expenses…………………… $ 8,000
Increase in Accounts Payable……………………. $ 11,000
Decrease in Income Taxes Payable………………. $ 3,000
Compute cash flows from operating activities for Soccer Emporium under the indirect reporting format. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...