Question
Lala land Company has the following financial information: Balance Sheets Dec. 31, 2020 Dec. 31, 2021 Cash 152,400 134,500 Accounts receivable 33,200 35,000 Inventory 200,600
Lala land Company has the following financial information:
Balance Sheets
Dec. 31, 2020
Dec. 31, 2021
Cash
152,400
134,500
Accounts receivable
33,200
35,000
Inventory
200,600
175,500
Prepaid Expenses
22,000
20,000
Long term Investments
300,000
420,000
Plant, Property and Equipment (net)
250,000
205,000
Accounts payable
98,600
105,000
Short term notes payable
62,000
40,000
Taxes payable
35,600
13,500
Long term liabilities
134,000
140,000
Stockholders Equity
628,000
691,500
Income statement
Sales revenue
$ 570,000
Cost of goods sold
300,000
Gross profit
$ 270,000
Depreciation Expense
13,000
Other operating costs
166,500
Loss on sale of plant assets
2,000
Net Income for the year
$ 88,500
Required: Calculate the cash flow from operating activities, for the year ended December 31, 2021, using the Indirect method.
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Auditing Cloud Computing A Security And Privacy Guide
Authors: Ben Halpert
1st Edition
0470874740, 978-0470874745
