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The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Scoggin's net income for 2020 was $154,200. Depreciation
The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Scoggin's net income for 2020 was $154,200. Depreciation expense was $24,300. 2020 2019 Current assets Cash Accounts receivable Inventory $107,800 109,700 157,000 26,500 $96,400 78,700 172,500 25,500 Prepaid expenses Total current assets $401,000 $373,100 Current liabilities Accrued expenses payable Accounts payable Total current liabilities $15,100 84,100 $9,800 95,400 $105,200 $99,200 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).) SCOGGIN INC. Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 154200 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 24300 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 24300 $1 x Increase in Accounts Receivable 31000 Decrease in Inventory 15500 X Increase in Prepaid Expenses 1000 Increase in Accrued Expenses Payable v 5300 x Decrease in Accounts Payable 11300 Net Cash Provided by Operating Activities Click if you would like to Show Work for this question: Open Show Work
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