Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The current sections of Lily Inc's balance sheets at December 31, 2021 and 2022, are presented here. Lily's net income for 2022 was $154,300. Depreciation

image text in transcribed
image text in transcribed
The current sections of Lily Inc's balance sheets at December 31, 2021 and 2022, are presented here. Lily's net income for 2022 was $154,300. Depreciation expense was $27,000. 2022 2021 Current assets Cash $108,700 $99.800 Accounts receivable 81.300 88.900 Inventory 168,700 172.300 Prepaid expenses 26.100 22,300 Total current assets $384.800 $383.300 Current liabilities Accrued expenses payable $15.900 $9,300 Accounts payable 85.100 95.400 $101.000 $104,700 Total current liabilities LILY INC. Partial Statement of Cash Flows December 31.2022 Cash Flows from Operating Activities Net Income $ 154300 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 26300 Increase in Accounts Receivable -11300 Increase in Inventory -3300 Decrease in Preoald Expenses 4200 Decrease in Accrued Expenses Povable 4400 Increase in Accounts Payable 11200 22700 NetCash Used tv Operating Activities 122000

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

Accountants Truth Knowledge And Ethics In The Financial World

Authors: Matthew Gill

1st Edition

0199547149, 9780199547142

More Books

Students also viewed these Accounting questions