Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NULL JALUR PRINTER VLLION BACK NEXT The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Scoggin's net

image text in transcribed
image text in transcribed
NULL JALUR PRINTER VLLION BACK NEXT The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Scoggin's net income for 2020 was $153,200. Depreciation expense was $25,000. 2020 2019 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $107,100 108,300 157,000 26,100 $398,500 $95,400 77,900 171,800 25,100 $370,200 $14,100 85,600 $99,700 $8,900 95,600 $104,500 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Partial Statement of Cash Flows For the Year Ended December 31, 2020 , TCash Flows from Operating Activities - T Net Income 153200 Adjustments to reconcile net income to T Net Cash Provided by Operating Activities 2 T Depreciation Expense 25000 T Increase in Accounts Receivable : 30400 T Decrease in Inventory 14800 T Increase in Prepaid Expenses 1000 T Increase in Accrued Expenses Payable 5200 T Decrease in Accounts Payable 10000 3600 T Net Cash Provided by Operating Activities 156800

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

Advanced Level Audit And Assurance Exam Room Notes 2017

Authors: ACA Simplified

1st Edition

1545501653, 978-1545501658

More Books

Students also viewed these Accounting questions

Question

What are the attributes of a technical decision?

Answered: 1 week ago

Question

How do the two components of this theory work together?

Answered: 1 week ago

Question

4. How is culture a contested site?

Answered: 1 week ago