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Kingbird Company reported net income of $450,000 for the current year. Depreciation recorded on buildings and equipment amounted to $81.000 for the year. Balances of
Kingbird Company reported net income of $450,000 for the current year. Depreciation recorded on buildings and equipment amounted to $81.000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year we as follows: End of Year $20,000 Beginning of Year $19.500 Cash Accounts receivable 19.500 32.500 Inventory 59,500 69,000 Prepaid insurance 8,300 6,500 Accounts payable 14.900 16,500 Income taxes payable 720 1,460 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 elther a-signe.g. - 15,000 or in parenthesis es. (15,000 KINGBIRD COMPANY KINGBIRD COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to >
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