Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

New Vision Company completed its income statement and balance sheet and provided the following information: Service Revenue $ 67,000 Expenses Salaries and Wages $ 42,500

image text in transcribed
New Vision Company completed its income statement and balance sheet and provided the following information: Service Revenue $ 67,000 Expenses Salaries and Wages $ 42,500 Depreciation 7,400 Utilities 5,100 Office 2,200 58,200 Net Income 53,500 Decrease in Accounts Receivable $ 13,000 Paid cash for equipment 6,000 Increase in salaries and Wages Payable 10,000 Decrease in Accounts Payable 4,750 Required: 1. Present the operating activities section of the statement of cash flows for New Vision Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) NEW VISION COMPANY Cash Flows from Operating Activities Indirect Method Net Income Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities $ 0

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

Financial Accounting An International Introduction

Authors: David Alexander

2nd Edition

9780273685203

More Books

Students also viewed these Accounting questions

Question

b. Did you suppress any of your anger? Explain.

Answered: 1 week ago