Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is taken from the income statement of Pittsburg Inc. for 2019: $940,000 595,000 $345,000 Sales Cost of Goods Sold Gross Profit on

image text in transcribedimage text in transcribed

The following information is taken from the income statement of Pittsburg Inc. for 2019: $940,000 595,000 $345,000 Sales Cost of Goods Sold Gross Profit on Sales Operating Expenses Depreciation Other Operating Expenses Net Income from Operations $ 19,500 179,000 198,500 $146,500 Additional information relating to account balances at the beginning and end of the year appears below: Accounts Receivable Merchandise Inventory Accrued Liabilities Accounts Payable Jan. 1, 2019 $55,000 73,100 4,800 37,000 Dec. 31, 2019 $49, 100 77,000 2,400 28,100 Determine the cash flows from operations for 2019. (Amounts to be deducted should be indicated with a minus sign.) PITTSBURG INC. Statement of Cash Flows Year Ended December 31, 2019 Cash flows from operating activities Net income for year Adjustments to reconcile net income to cash used in operating activities: Total adjustments

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_2

Step: 3

blur-text-image_3

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

Factory Accounts

Authors: John Whitmore

1st Edition

0367494825, 9780367494827

More Books

Students also viewed these Accounting questions