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GUTIERREZ COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash at Beginning of Period Net Income 194,500 Adjustments to reconcile
GUTIERREZ COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash at Beginning of Period Net Income 194,500 Adjustments to reconcile net income to Net Decrease in Cash Depreciation Expense 47,500 Loss on Disposal of Plant Assets v 6,200 Decrease in Accounts Receivable v 18,200 Increase in Accounts Payable 20,200 Decrease in Prepaid Expenses 5,000 97,100 XIR Cash at End of Period Exercise 17-04 Your answer is partially correct. Try again. Gutierrez Company reported net income of $194,500 for 2020. Gutierrez also reported depreciation expense of $47,500 and a loss of $6,200 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $18,200 for the year, a $20,200 increase in accounts payable, and a $5,000 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method. (Show amounts that decrease cash flow with either a sign .g. -15,000 or in parenthesis e.g. (15,000)
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