- Pierce Company reported net income of $160,000 with income tax expense of $19,000 for 2020....
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664fe8d351b6c_978664fe8d2dc3c7.jpg)
Transcribed Image Text:
- Pierce Company reported net income of $160,000 with income tax expense of $19,000 for 2020. Depreciation recorded on buildings and equipment amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the December31, 2019 and 2020 are as follows: Prepaid expenses 2020 $ 9,500 2019 $ 5,000 Inventories 55,000 65,000 Accounts receivable 24,000 32,000 Cash 20,000 15,000 Accounts payable 12,000 18,000 Accrued expense payable 1,600 1,200 Instructions Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. - Pierce Company reported net income of $160,000 with income tax expense of $19,000 for 2020. Depreciation recorded on buildings and equipment amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the December31, 2019 and 2020 are as follows: Prepaid expenses 2020 $ 9,500 2019 $ 5,000 Inventories 55,000 65,000 Accounts receivable 24,000 32,000 Cash 20,000 15,000 Accounts payable 12,000 18,000 Accrued expense payable 1,600 1,200 Instructions Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
At the beginning of compression in a diesel cycle, T = 540 R, P = 30 lbf/in. 2 , and the state after combustion (heat addition) is 2600 R and 1000 lbf/in. 2 . Find the compression ratio, the thermal...
-
A DI with the following balance sheet (in millions) expects a net deposit drain of $15 million. Show the DI's balance sheet if the following conditions occur: a. The DI purchases liabilities to...
-
The following information appeared in the annual reports of Apparel America, Borden, Inc., and Exxon Corporation. Apparel America, Inc. - . In December 1994 the Company entered into an agreement to...
-
Critical Thinking Consumers often rely on opinion leaders for information and influence when considering a purchase. Do you consider yourself an opinion leader? If so, which product category? Justify...
-
Chris Woods established an insurance agency on July 1, 2011, and completed the following transactions during July: a. Opened a business bank account in the name of Woods Insurance Inc., with a...
-
Of the three major environments in a situation analysis (internal, customer, external), which do you think is the most important in a general sense? Why? What are some situations that would make one...
-
The cholesterol level {in mgIdL] of 5 patients who had heart attacks was measured two days after the heart attack and then again four days after the heart attack. "me researchers want to see if the...
-
The following transactions occurred during January, the first month of operations for Red Corporation. Prepare journal entries and create a T-account for inventory that includes the following five...
-
Make T-accounts for the following accounts that appear in the general ledger of The Canine Hospital, owned by Kali Wells, a veterinarian: Cash; Accounts Receivable; Supplies; Office Equipment;...
-
On January 12, 2010, a major earthquake hit Haiti and the Dominican Republic. The epicenter of the quake was 25 kilometers southwest of the Haitian capital of Port-au-Prince and only 13 kilometers...
-
At the end of 2011, the following information is available for Short and Wise Companies: Required a. Set up the spreadsheet shown here. Complete the income statements by using Excel formulas. b....
-
Flying High Company manufactures kites that sell for \($15.00\) each. Each kite requires 2 yards of lightweight canvas, which costs \($0.50\) per yard. Each kite takes approximately 45 minutes to...
-
A Marriot hotel is located on private land in the center of the town which is just outside of Glacier National Park and in the heart of grizzly bear territory. The fine restaurant of this hotel is...
-
The first law of thermodynamics is sometimes whimsically stated as, You cant get something for nothing, and the second law as, You cant even break even. Explain how these statements could be...
-
In Figure 9.3, consider triangles B and C. One of these could be labeled Workers and machines who could be better used in another sector of the economy, while the other could be labeled Consumers who...
-
Figure 9.1 looks at a case where the world price is below the domestic no-trade price. Lets look at the case where the world price is above the domestic no-trade price. Well work with the market for...
-
a. Just to review: Back in Chapter 8, we illustrated price ceilings with a horizontal line below the equilibrium price. Did price ceilings create surpluses or shortages? b. The horizontal line in...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App