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please answer parts a-d Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2016, Riffe Enterprises had the following summary information
please answer parts a-d
Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2016, Riffe Enterprises had the following summary information available concerning its operating activities. The company 1. Sales of services to customers on credit $384,600 2. Sales of services to customers for cash 23,100 3. Employee compensation earned 263.350 4. Cash payment in advance to landlord for offices 74,550 5. Cash paid to employees for compensation 260,800 6. Rental expense for offices used over the year 58,950 7. Collections from customers on accounts receivable 362,050 8. Operating expenses (all paid in cash) 61,400 9. Depreciation expense 11,500 Enter the items above into the Financial Statement Effects Template. Under norash assets, use three separate columes for counts recevable and prepaid rent and the accumu Gredepreciation cont asset. Cakulate the totals for each column Note: Use negative signs with answers, when appropriate Accounts Accum. Earned Transaction Cash Asset . Recevable Prepaid Rent Depreciation - Llabilities Com. Capital Capital Revenue Expenses . Net income so rosto costomers on code of services to come to catch pyet comme cash in advanced forces Sipato yees for comensation Pantal perefore they 1.Cobedom from Oplads Denne b. What was the company's net income for the year? $ What was the cash flow from operating activities? (Use the direct method.) $ c. Indicate the direction and amounts by which each of the following accounts changed during the year. Increased/Decreased by Amount 1. Accounts receivable . $ 2. Prepaid rent e I 3. Accumulated depreciation 4. Wages payable d. Using your results above, prepare the operating activities section of the statement of cash flows using the indirect format. Note: Use negative signs with answers, when appropriate. Net cash flow from operating activities (Indirect Method) . Accounts receivable Prepaid rent Wages payable Cash flow from (used in) operating activities $ Step by Step Solution
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