Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

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

Japanese Management Accounting Today Japanese Management And International Studies Volume 2

Authors: Masanobu Kosuga, Yasuhiro Monden, Shufuku Hiraoka, Yoshiyuki Nagasaka, Noriko Hoshi

1st Edition

9812700811, 978-9812700810

More Books

Students also viewed these Accounting questions

Question

Describe the team dynamics at Facebook.

Answered: 1 week ago