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Cheyenne Corp. reported net income of $196,100 for 2022. Cheyenne also reported depreciation expense of $47.400 and a loss of $5,600 on the disposal of
Cheyenne Corp. reported net income of $196,100 for 2022. Cheyenne also reported depreciation expense of $47.400 and a loss of $5,600 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $10,900 for the year, a $12.900 increase in accounts payable, and a $3,200 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Cheyenne Corp. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 196100 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 4740 Loss on sposal of Plant Assets 5600 Increase in Accounts Receivable Cash Flows from Operating Activities Not Income 196100 Adjustments to reconcile net income to NetCash Provided by Operating Activities : Depreciation Expense $ 47400 Loss on Disposal of Plant Assets 5600 Increase in Accounts Receivable : Increase in Accounts Payable 12900 Increase in Prepaid Expenses 80000 Cash at Beginning of Period 276100
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