Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Portions of the financial statements for Horizon Telecom are provided below. 32 8 01:29:40 HORIZON TELECOM Income Statement For the Year Ended December 31, 2021

image text in transcribed
image text in transcribed
Portions of the financial statements for Horizon Telecom are provided below. 32 8 01:29:40 HORIZON TELECOM Income Statement For the Year Ended December 31, 2021 Revenues $614,000 Expenses: Cost of goods sold $369,000 Operating expenses 115,000 Depreciation expense 31,000 Income tax expense 49,500 Total expenses 564,500 Net Income $ 49,500 HORIZON TELECOM Selected Balance Sheet Data December 31, 2021 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $ 4,400 11,900 10,800 5,600 6,900 21,000 01:29:26 Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) HORIZON TELECOM Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities $ 0

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_2

Step: 3

blur-text-image_3

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

Independent Review For Banks The Complete BSA AML Audit Workbook

Authors: Howard Steiner, Stephen L. Marini

1st Edition

0615237908, 978-0615237909

More Books

Students also viewed these Accounting questions