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The current sections of Flounder Corp's balance sheets at December 31, 2021 and 2022, are presented here. Flounder Corp's net income for 2022 was $237,150.
The current sections of Flounder Corp's balance sheets at December 31, 2021 and 2022, are presented here. Flounder Corp's net income for 2022 was $237,150. Depreciation expense was $41,850. 2022 2021 Current assets Cash Accounts receivable $162,750 $ 153.450 124,000 137.950 260,400 266.600 Inventory Prepaid expenses 41.850 34.100 Total current assets $589,000 $592,100 Current liabilities Accrued expenses payable $ 7.750 Accounts payable $23,250 131,750 $155,000 142,600 $150.350 Total current liabilities 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-signes -15,000 or in parenthesis eg. (15,000).) Flounder Corp. Partial Statement of Cash Flows Adjustments to reconcile net income to
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