Points: 0 of 3 Save Larry's Luggage Company provided the following balance sheet and income statement for the current year (Click the icon to view the balance sheet) (Click the icon to view the income statement) Prepare the operating activities section of the cash flow statement using the Indirect method Assume accrued expenses relate to selling general and administrative expenses (Use a minus sign or parentheses for any numbers to be subtracted. If an input field is not used in the statement, Inove the field empty, do not selecta label or enter a zero) Larry's Luggage Company Partial Statement of Cash Flow (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: Changes in Operating Working Capital Accounts: bolo Centall Check answer 4 Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: Changes in Operating Working Capital Accounts: Net Cash Provided (Used) by Operating Activities Cot more heln Clear all Larry's Luggage Company Balance Sheets At December 31 Assets Ending Beginning Current Assets Cash $ 1,000 $ 5,000 Accounts Receivable - net 5,500 4.000 Merchandise Inventory 3,000 1.800 Total Current Assets $ 10,500 $ 9.800 Noncurrent Assets Investments in Bonds $ $ 30.000 50 on 10,000 60.000 d) Noncurrent Assets Investments in Bonds $ 30,000 50,000 Property, Plant, and Equipment - net 10.000 60,000 Total Noncurrent Assets $ 80,000 $ 70,000 Total Assets $ 90,500 $ 79,800 Liabilities ki $ 3.200 $ 4,400 Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable 6.700 1.500 6,550 2.450 Total Current Liabilities $ 11 400 $ 13,400 TUOT CUTTGITE LTOOITTIES Noncurrent Liabilities Notes Payable $ 35,000 $ 28,000 Total Noncurrent Liabilities $ 35,000 $ 28,000 NO Total Liabilities $ 46,400 $ 41,400 PE skil Shareholders' Equity Common Stock, $1 par value Additional Paid-in Capital in Excess of Par- Common $ 10,000 $ 9,000 15,000 19,100 12,000 17 400 Retained Earnings Total Shareholders' Equity $ 44,100 $ 38,400 $ Total Liabilities and Shareholders' Equity $ 90,500 79,800 sed) Income statement nd ctid are Larry's Luggage Company Income Statement For the Year Ended December 31 nco Sales $ 56,000 33,600 atin Cost of Goods Sold Gross Profit $ 22,400 ca Selling, General, and Administrative Expenses $ 11,600 6,000 Depreciation Expense $ 17,600 Total Operating Expenses Operating Income Interest Expense $ 4,800 S (2.100) Income statement - X Cost of Goods Sold 33,600 Gross Profit $ 22,400 Selling, General, and Administrative Expenses $ 11,600 6,000 $ 17,600 Depreciation Expense Total Operating Expenses Operating Income Interest Expense $ 4,800 $ (2.100) 634 Investment Income Income before Tax $ 3.334 (1.334) Income Tax Expense $ 2,000 Net Income
