Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. $48,600 Income Statement Sales

image text in transcribedimage text in transcribed

The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. $48,600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 21,000 2,000 9,000 4,500 1,900 1,800 1,400 $ 7,000 Selected Balance Sheet Accounts Beginning Balances $ 580 Ending Balances $ 560 990 420 770 Accounts Receivable Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable 460 20 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) DIRECT PRODUCTS COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Cash Receipts from Customers Cash Payments to Suppliers Cash Payments for Insurance Cash Payments for Interest Cash Payments for Utilities Cash Payments for Salaries and Wages Cash Payments for Rent Net Cash Provided by Operating Activities

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

Step: 3

blur-text-image

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

Assurance And Auditing

Authors: Thomas Nelson

1st Edition

0170111342, 978-0170111348

More Books

Students also viewed these Accounting questions

Question

3. What should a contract of employment contain?

Answered: 1 week ago

Question

1. What does the term employment relationship mean?

Answered: 1 week ago