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The current sections of Vaughn Inc's balance sheets at December 31, 2019 and 2020, are presented here. Vaughn's net income for 2020 was $214,500.
The current sections of Vaughn Inc's balance sheets at December 31, 2019 and 2020, are presented here. Vaughn's net income for 2020 was $214,500. Depreciation expense was $48,000. 2020 2019 Current assets Cash $126.500 $110,500 Accounts receivable 128.000 100.500 Inventory 165,500 195,000 Prepaid expense 50,000 32,500 Total current assets $470,000 $438,500 Current liabilities Accrued expenses payable $38,000 $16.500 Accounts payable 96.500 116,000 Total current liabilities $134,500 $132,500 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 eg-15,000 or in parenthesis ea (15,000) VAUGHN INC. Partial Statement of Cash Flows
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