Question
Can a tutor check my work. My professor never explained cash flows in depth with our class. Wages payable is confusing me since I believe
Can a tutor check my work. My professor never explained cash flows in depth with our class. Wages payable is confusing me since I believe there are two answers for that line.
Reconciling and Computing Operating Cash Flows from Net Income Petroni Company reports the following selected results for its current calendar year.
Net income | $130,000 |
Depreciation expense | 28,000 |
Accounts receivable increase | 10,000 |
Accounts payable increase | 6,000 |
Prepaid expenses decrease | 3,000 |
Wages payable decrease | 4,000 |
Petroni Company Statement of Cash Flows (operating section) | ||
Operating activities |
|
|
Net income |
| 130,000 |
Adjustments to reconcile net income to operating cash flow |
|
|
Depreciation | 28,000 |
|
Changes in operating assets and liabilities | ||
Accounts receivable | -10,000 |
|
Prepaid expense | 3,000 |
|
Accounts payable | 6,000 |
|
Wages payable | -4,000 | ????? |
Net cash provided from operating activities |
| 153,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started