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Current Attempt in Progress Skysong Company reported net income of $300,000 for the current year. Depreciation recorded on buildings and equipment amounted to $79,000 for
Current Attempt in Progress Skysong Company reported net income of $300,000 for the current year. Depreciation recorded on buildings and equipment amounted to $79,000 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 $18,000 Cash $25,500 Accounts receivable 21,000 31,000 Inventory 52,500 63,000 Accounts payable 11,300 19.000 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.g. (15,000).)
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