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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 $393,700.
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 $393,700. Depreciation expense was $65,100. Prepare the net cash provided by operating activities section of the companys 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).)
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 $393,700. Depreciation expense was $65,100. 2022 2021 Current assets Cash $96,100 $ 137,950 Accounts receivable 131,750 106,950 Inventory 120,900 96,100 Prepaid expenses 26,350 29,450 Total current assets $375,100 $370,450 Current liabilities Accrued expenses payable $ 9,300 $ 24,800 Accounts payable 136,400 111,600 Total current liabilities $145,700 $ 136,400 Prepare the net cash provided 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).) Flounder Corp. Partial Statement of Cash Flows Adjustments to reconcile net income toStep by Step Solution
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