Question
Ohio, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Ohio, Inc. Income Statement Year Ended
Ohio, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following income statement:
Ohio, Inc. | ||
Income Statement | ||
Year Ended December 31, 2018 | ||
Revenues and Gains: | ||
Sales Revenue | $158,000 | |
Interest Revenue | 6,300 | |
Total Revenues and Gains | $164,300 | |
Expenses and Losses: | ||
Cost of Goods Sold | $140,000 | |
Salary Expense | 21,000 | |
Depreciation Expense | 7,000 | |
Other Operating Expenses | 13,400 | |
Interest Expense | 16,400 | |
Loss on Sale of Plant Assets | 5,500 | |
Income Tax Expense | 5,500 | |
Total Expenses and Losses | 208,800 | |
Net Income (Loss) | $(44,500) |
Additional information provided by the company includes the following:
Current assets, other than cash, decreased by $5,100. Current liabilities increased by $2,300.
Compute the net cash provided by (used for) operating activities.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started