Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is accounting information taken from Woodrail Company's adjusted trial balance for 2019: Debit Credit Sales $75,000 Interest Revenue 4,300 Cost of Goods Sold
The following is accounting information taken from Woodrail Company's adjusted trial balance for 2019:
Debit | Credit | |||
---|---|---|---|---|
Sales | $75,000 | |||
Interest Revenue | 4,300 | |||
Cost of Goods Sold | $43,600 | |||
Salaries Expense | 13,600 | |||
Interest Expense | 5,400 | |||
Income Tax Expense | 3,000 |
In addition, the following changes occurred in selected accounts during 2019:
Accounts Receivable | $5,700 | credit |
Inventory | 9,800 | debit |
Accounts Payable | 7,000 | credit |
Salaries Payable | 900 | debit |
Interest Payable | 300 | credit |
Required:
Using the direct method, prepare the cash flows from operating activities section of the 2019 statement of cash flows for Woodrail. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments.
WOODRAIL COMPANY | ||
Statement of Cash Flows (Partial) | ||
For Year Ended December 31, 2019 | ||
Operating Activities: | ||
Cash Inflows: | ||
$fill in the blank 2 | ||
fill in the blank 4 | ||
Cash inflows from operating activities | $fill in the blank 5 | |
Cash Outflows: | ||
$fill in the blank 7 | ||
fill in the blank 9 | ||
fill in the blank 11 | ||
fill in the blank 13 | ||
Cash outflows for operating activities | fill in the blank 14 | |
Net cash provided by operating activities | $fill in the blank 15 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started