Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Data Analytics For Accounting

Authors: Vernon Richardson

3rd Edition

1264444907, 9781264444908

More Books

Students also viewed these Accounting questions

Question

5. Give some examples of hidden knowledge.

Answered: 1 week ago