Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Speedy Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $62,000 and its total current liabilities totaling $20,000. At the end of

image text in transcribed
Speedy Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $62,000 and its total current liabilities totaling $20,000. At the end of the year, these same current assets totaled $60,000, while its total current liabilities totaled $32,000 Net Income for the year was $86,000. Included in not income were a $4,000 loss on the sale of land and deprecia expense of $11,000 Show how Speedy should report cash flows from operating activities for 2021. The company uses the Indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a decrease in cash) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by used for operating activites Nel cash provided by used for operating adivities

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

Step: 3

blur-text-image

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

14th Edition

978-0132960649, 132960648, 132109174, 978-0132109178

More Books

Students also viewed these Accounting questions