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Compute the net cash flow from operating activities for Mustang Company under the indirect reporting format. Mustang Company provided you with the following information for
Compute the net cash flow from operating activities for Mustang Company under the indirect reporting format. Mustang Company provided you with the following information for the current year. Accounts Payable relate to Selling, General and Administrative Expenses (Click the icon to view the statement of net income.) : (Click the icon to view the changes in balance sheet accounts.) Requirement Compute net cash flow from operating activities under the indirect reporting format. (Use a minus sign or parentheses for any numbers to be subtracted. If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero.) Statement of net income Changes in balance sheet accounts Mustang Company Partial Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Mustang Company Account Changes from the Balance Sheet Amount Operating Activities: Statement of Net Income Decrease in Accounts Receivable $ 2,000 For the Current Year Ended Decrease in Accounts Payable 800 Adjustments to Reconcile Net Income to Cash Flows Sales $ 34,000 Increase in Wages Payable 3,300 from Operating Activities: Depreciation Expense (5,900) Selling, General, and Administrative Expenses (29,000) Gain on Sale of Equipment 1,700 Print Done Changes in Current Assets and Liabilities Other Expenses (3,690) Income before Taxes (2,890) 520 Tax Benefit $ Net Loss (2,370) Net Cash Provided (Used) by Operating Activities Print Done
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