Q9

Required: Use the Indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows this company. (Amounts to be deducted should be indicated with a minus sign.) Part 1 of 3 ook Cash flows from operating activities Net income 24,300 Hint Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Print References Changes in current operating assets and liabilities Depreciation 2017 2016 $ 75,900 32,600 68,300 4,200 181,000 84,600 (13,100) $252,500 $ 18,900 40,100 75,300 LE3,500 137,800 99,200 (7,500) $229,500 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Farniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 11,900 7,100 1,200 20, 200 24,800 45,000 $ 16,900 4,000 2,200 23,100 58,400 81,500 177,300 141,500 30, 2006 ,500 $252,500 $229,500 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $392,900 Cost of goods sold 252,900 Gross profit 140,000 Operating expenses Depreciation expense $30, 200 Other expenses 71,600 101,800 Income before taxes 38,200 Income taxes expense 13,900 Net income $ 24,300