Intructions Amount Descriptions Statement of Cash Flows Operating Activities Final Question instructors The income statement declosed the following items for the year Depreciation expense Gain on disposal of equipment Net income $ 65,000 27,500 520,000 The changes in the current asset and liability accounts for the year are as follows Accounts receivable Inventory Prepaid insurance Accounts payable Income taxes payable Didends payable Increase Decrease) $11.200 16.350) (1200) (4,200) 1,650 2.500 Required: Next The changes in the current asset and liability accounts for the year are as follows Accounts receivable Increase (Decrease) $11.200 (6,350) (1.200) Inventory Prepaid insurance Accounts payable Income taxes payable (4,200) 1.650 2,500 Dividends payable Required: A Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indved method Refer to the Amount Descriptions hist provided for the exact wording of the answer choice for text entries Use the minus sign to indicate cash outflow.com payments, decreases in cash and for any adjustments if required B. Briefly explain why net cash flows from operating activities is different from net income US Flow-Operating Activities Final Question Amount Descriptions Amount Descriptions Amortization of intangible assets Cash paid for dividends Decrease in accounts payable Decrease in accounts recevable Decrease in dividends payable Decrease in income taxes payable Decrease in inventory Decrease in prepaid insurance Depreciation expense Gain on disposal of equipment Increase in accounts payable Increase in accounts receivable Increase in dividends payable Increase in income taxes payable Increase in inventory Amount Descriptions Decrease in inventory Decrease in prepaid insurance Depreciation expense Ganon disposal of equipment Increase in accounts payable Increase in accounts receivable Increase in dividends payable Increase in income taxes payable Increase in inventory Increase in prepaid insurance Loss on disposal of equipment Net cash flow from operating activities Net cash flow used for operating activities Net Income Net loss Statement of Cash Flows Operating Activities Shaded covered A Prepare the Cash Flows from Operating Activities section of the statement of a wing the Indirect method. Refer to the Amount Descriptora fat provided see wedigte answer choices for text entries on the munus sign to indicate cash outflows, cash payments, decreases cash and for any interest required Question not attempted Score: 0/87 Statement of Cash Flows) Cash flows from operating activities Adjustments to reconcile et income to net cash flow fire operating activities . 3 Changes in competing assets and abilities: Prvous Statement of Cash Flows-Operating Activities Changes in current operating assets and liabilities: 2 $ 9 10 11 12 Feedback
