Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $100,000 Expenses Salaries expense 84,000 Utilities expense 14,000
please help
Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $100,000 Expenses Salaries expense 84,000 Utilities expense 14,000 Depreciation expense 14,600 other expenses 3,400 Net loss $(16,000) Selected Year-End Dalance Sheet Data Accounts receivable decrease $24,000 Purchased a machine for cash 10,000 Salaries payable increase 18,000 Other accrued liabilities decrease 8,000 Required: 1. Prepare the operating activities section of the statement of cash flows using the indirect method. (Any loss or amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Cash flows from operating activities Net loss $ (16,000) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 14,600 Accounts receivable decrease x 24,000 Changes in current operating assets and liabilities Salaries payable increase 18,000 Accrued liabilities decrease (8.000) Net cash provided by operating activities S 32,600 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