Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please confirm answers inboxes are correct as well as show how to solve the blank boxes. The comparative statement of financial position for Blossom Corporation

image text in transcribed

image text in transcribed

Please confirm answers inboxes are correct as well as show how to solve the blank boxes.

The comparative statement of financial position for Blossom Corporation shows the following noncash current asset and liability accounts at March 31: 2018 2017 Accounts receivable $60,000 $40,000 60,000 Inventory 70,000 Accounts payable 25,000 40,000 Dividends payable 2,000 1,000 Blossom's income statement reported the following selected information for the year ended March 31, 2018: net income was $270,000, depreciation expense was $60,000, and a loss on the disposal of land was $10,000. Blossom uses a perpetual inventory system. Calculate net cash provided (used) by operating activities 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).) BLOSSOM CORPORATION Statement of Cash Flows (Partial)-Indirect Method Month Ended March 31, 2018 Operating activities $ 270,000 Net income Adjustments to reconcile net income to Net cash provided (used) by operating activities $ Depreciation expense 60,000 Loss on disposal of land 10,000 Accounts receivable increase (20,000) (10,000) Inventory increase (15,000) Interest payable decrease $ Net cash provided by operating activities

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

Word Search Puzzle Book For Auditing Clerk

Authors: Lx Antu

1st Edition

B09KN7YDD6, 979-8757688466

More Books

Students also viewed these Accounting questions