Question
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $213,700. Depreciation recorded on equipment
Cash Flows from (Used for) Operating Activities
The net income reported on the income statement for the current year was $213,700. Depreciation recorded on equipment and a building amounted to $63,900 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
| End of Year | Beginning of Year | |||
| Cash | $54,490 | $57,210 | ||
| Accounts receivable (net) | 69,090 | 70,600 | ||
| Inventories | 136,230 | 121,630 | ||
| Prepaid expenses | 7,570 | 8,070 | ||
| Accounts payable (merchandise creditors) | 60,870 | 63,850 | ||
| Salaries payable | 8,770 | 7,950 | ||
a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
| Statement of Cash Flows (partial) | ||
| Cash flows from (used for) operating activities: | ||
| $fill in the blank 640065091f95f8e_2 | ||
| Adjustments to reconcile net income to net cash flows from (used for) operating activities: | ||
| fill in the blank 640065091f95f8e_4 | ||
| Changes in current operating assets and liabilities: | ||
| fill in the blank 640065091f95f8e_6 | ||
| fill in the blank 640065091f95f8e_8 | ||
| fill in the blank 640065091f95f8e_10 | ||
| fill in the blank 640065091f95f8e_12 | ||
| fill in the blank 640065091f95f8e_14 | ||
| Net cash flows from operating activities | $fill in the blank 640065091f95f8e_15 | |
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Managerial Accounting Creating Value in a Dynamic Business Environment
Authors: Ronald W. Hilton
9th edition
78110912, 978-0078110917
