ch 13 ch problem 1

The financial statements for Bryant Company included the following information on December 31, 2018: Sales 85,600 Cost of Goods Sold 34,240 Gross Profit 51,360 Operating Expenses: Insurance 2,700 Salaries 18,200 Depreciation 800 Rent 12,000 Utilities 6,300 Total Operating Expenses 40,000 Operating Income 11,360 Interest Expense 1,400 Income Before Taxes 9,960 Income Tax Expense 3,200 Net Income 6,760 REQUIRED: Using the attached T-accounts, compute the cash flows from operating activities using the A. direct method B. indirect method For Year Ending on 12/31/18 D. Vader Company Income Statement CHAPTER 13 CHECKPOINT PROBLEM #1--DIRECT METHOD Beg 3,700 Beg 2,980 Beg 4,250 OPERATING: Cash Receipts From: Cash Payments For: End 1,180 End 6,810 Beg 900 Beg 10,200 End 3,300 End 12,700 Beg 35,000 4,800 Beg End 45,400 5,000 End 1,850 Beg 610 Beg 1,210 End 1,330 End 900 Beg 5,000 Beg 150 End 18,000 End 10,000 Beg 15,000 Beg 0 End 23,000 End 4,400 Beg 14,470 Beg End 2,530 6,400 End 16,830 End Accounts Payable Salaries Payable CASH Accounts Receivable Merchandise Inventory Plant Assets Accum. Depr. Income Taxes Payable Preferred Stock APIC Prepaid Rent Investments Long-Term Notes Payable Common Stock Retained Earnings CHAPTER 13 CHECKPOINT PROBLEM #1--INDIRECT METHOD Beg 3,700 Beg 2,980 Beg 4,250 OPERATING: End 1,180 End 6,810 Beg 900 Beg 10,200 End 3,300 End 12,700 Beg 35,000 4,800 Beg End 45,400 5,000 End 1,850 Beg 610 Beg 1,210 End 1,330 End 900 Beg 5,000 Beg 150 End 18,000 End 10,000 Beg 15,000 Beg 0 End 23,000 End 4,400 Beg 14,470 Beg End 2,530 6,400 End 16,830