Question
The following information pertains to Guys Gear Company: Sales $ 70,000 Expenses: Cost of Goods Sold $ 45,000 Depreciation Expense 5,000 Salaries and Wages Expense
The following information pertains to Guys Gear Company:
| Sales | $ | 70,000 | ||||
| Expenses: | ||||||
| Cost of Goods Sold | $ | 45,000 | ||||
| Depreciation Expense | 5,000 | |||||
| Salaries and Wages Expense | 11,000 | 61,000 | ||||
| Net Income | $ | 9,000 | ||||
| Accounts Receivable Decrease | $ | 3,000 | ||||
| Inventory Increase | 7,000 | |||||
| Salaries and Wages Payable Increase | 650 | |||||
Required:
Present the operating activities section of the statement of cash flows for Guys Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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| ,,,,,,,,,,,,,,,,,,,,,,,,,, | ||
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Advanced Financial Accounting
Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King
5th Edition
0072444126, 978-0072444124
