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The current sections of Flint Corporations balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporations net income for 2022 was $130,050.
The current sections of Flint Corporations balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporations net income for 2022 was $130,050. Depreciation expense was $22,950.
2022 | 2021 | |||
---|---|---|---|---|
Current assets | ||||
Cash | $89,250 | $ 84,150 | ||
Accounts receivable | 68,000 | 75,650 | ||
Inventory | 142,800 | 146,200 | ||
Prepaid expenses | 22,950 | 18,700 | ||
Total current assets | $323,000 | $324,700 | ||
Current liabilities | ||||
Accrued expenses payable | $ 12,750 | $ 4,250 | ||
Accounts payable | 72,250 | 78,200 | ||
Total current liabilities | $85,000 | $ 82,450 |
Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Flint Corporation Partial Statement of Cash Flows For the Year Ended December 31, 2022 - Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash at End of Period Decrease in Accounts Receivable 4 Decrease in Inventory Increase in Prepaid Expenses Increase in Accrued Expenses Payable Decrease in Accounts Payable Depreciation Expense Net Cash used by Operating Activities
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