Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data...

Transcribed Image Text:

Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $385,000 Accounts receivable decrease $132,700 Depreciation expense 49,200 Inventory decrease 50,500 Amortization expense 7,700 Prepaid expenses increase 6,100 Gain on sale of plant assets 7,300 Accounts payable decrease 9,600 Salaries payable increase 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities $ 0 Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $385,000 Accounts receivable decrease $132,700 Depreciation expense 49,200 Inventory decrease 50,500 Amortization expense 7,700 Prepaid expenses increase 6,100 Gain on sale of plant assets 7,300 Accounts payable decrease 9,600 Salaries payable increase 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities $ 0