Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net
Question:
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2018 fiscal year was $1,250,000. Depreciation expense of $140,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
Increase in accounts receivable........................................$ 152,000
Decrease in inventories...................................................108,000
Decrease prepaid expenses................................................62,000
Decrease in salaries payable...............................................30,000
Increase in income taxes payable.........................................44,000
Required:
Calculate cash flows from operating activities for 2018.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas