Question
Kingbird, Inc. reported net income of $195,450 for 2022. Kingbird, Inc. also reported depreciation expense of $33,810 and a loss of $5,040 on the disposal
Kingbird, Inc. reported net income of $195,450 for 2022. Kingbird, Inc. also reported depreciation expense of $33,810 and a loss of $5,040 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,650 for the year, a $16,350 increase in accounts payable, and a $4,030 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Kingbird, Inc. Partial Statement of Cash Flows Choose the accounting period December 31, 2022For the Year Ended December 31, 2022For the Quarter Ended December 31, 2022 | ||
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Select an opening section name Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
Select an item Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Prepaid Expenses Loss on Disposal of Plant Assets Net Income | $Enter a dollar amount | |
Adjustments to reconcile net income to | ||
Select an opening name for subsection Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
Select an item Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Prepaid Expenses Loss on Disposal of Plant Assets Net Income | $Enter a dollar amount | |
Select an item Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Prepaid Expenses Loss on Disposal of Plant Assets Net Income | Enter a dollar amount | |
Select an item Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Prepaid Expenses Loss on Disposal of Plant Assets Net Income | Enter a dollar amount | |
Select an item Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Prepaid Expenses Loss on Disposal of Plant Assets Net Income | Enter a dollar amount | |
Select an item Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Prepaid Expenses Loss on Disposal of Plant Assets Net Income | Enter a dollar amount | |
Enter a total amount for this subsection | ||
Select a closing section name Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash used by Financing Activities Net Cash used by Investing Activities Net Cash used by Operating Activities Net Decrease in Cash Net Increase in Cash | $Enter a total amount for this section |
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