Question 1 Not complete Marked out of 10.00 Flag question Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2018, Beyer GmbH had the following summary information available concerning its operating activities. The company had no investing or financing activities this year. 1. Sales of merchandise to customers on credit 507,400 91,500 2. Sales of merchandise to customers for cash 3. Cost of merchandise sold on credit 320,100 4. Cost of merchandise sold for cash 63,400 5. Purchases of merchandise from suppliers on credit 351,600 6. Purchases of merchandise from suppliers for cash 7. Collections from customers on accounts receivable 8. Cash payments to suppliers on accounts payable 9. Operating expenses (all paid in cash) 47,700 483,400 340,200 172,300 Required a. Enter the items above into the Financial Statement Effects Template. Under noncash assets, use two separate columns for accounts receivable and inventories. Calculate the totals for each column. Note: Use negative signs with answers, when appropriate. Accounts Balance Sheet Accounts Earned Transaction Cash Asset + Receivable + Inventories = Payable + Cont'd Capital + Capital 1 2 3 4 5 6 8 9 Totals b. What was the company's net income for the year? What was the cash flow from operating activities? (Use the direct method.) Income Statement Revenue - Expenses = Net Income - |= c. Indicate the direction and amounts by which each of the following accounts changed during the year. If the account decreased, enter as a negative number. + b. What was the company's net income for the year? What was the cash flow from operating activities? (Use the direct method.) c. Indicate the direction and amounts by which each of the following accounts changed during the year. If the account decreased, enter as a negative number. 1. Accounts receivable 2. Merchandise inventory 3. Accounts payable d. Using your results above, prepare the operating activities section of the statement of cash flows using the indirect format. Note: Use negative signs with answers, when appropriate. Net income Change in accounts receivable Change in inventories Change in accounts payable Cash flow from operating activities Check