Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Huluduey Corporations comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $211,930 for changes in operating assets and liabilites
Huluduey Corporations comparative balance sheet for current assets and liabilities was as follows:
Dec. 31. Year 2 Dec. 31, Year 1 Accounts receivable $31.340 $27.670 Inventory 17,180 16.090 Accounts payable 16,510 14,340 Dividends payable 51,850 49,250 Amount Descriptions Cash paid for dividends Decrease in accounts payable Decrease in accounts receivable Decrease in dividends payable Decrease in inventory Increase in accounts payable Increase in accounts receivable Increase in dividends payable Increase in inventory Net cash flow from operating activities 1 Net income 2 Adjustments to reconcile net income to net cash flow from operating activities: 3 Changes in current operating assets and liabilities: 4 5 6 7 Adjust net income of $211,930 for changes in operating assets and liabilites to arrive at net cash flow from operating activities. Refer to the amount descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started