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The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of
The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: Sales $220,950 Cost of goods sold 76,240 Gross profit $144,710 Operating expenses: Depreciation expense $19,080 Other operating expenses 57,300 Total operating expenses 76,380 Income before income tax $68,330 Income tax expense 19,770 Net income $48,560 End of Year Beginning of Year $17,820 $15,500 Accounts receivable (net) 39,750 45,690 Inventories 7.190 7,910 Prepaid expenses 33,510 31.100 Accounts payable (merchandise creditors) 10.320 Accrued expenses payable (operating expenses) 9.470 1,800 1.800 Income tax payable End of Year Beginning of Year Accounts receivable (net) $17,820 $15,500 Inventories 45,690 39,750 Prepaid expenses 7,190 7,910 Accounts payable (merchandise creditors) 33,510 31,100 Accrued expenses payable (operating expenses) 9,470 10,320 Income tax payable 1,800 1,800 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using tl flows, cash payments, decreases in cash, or any negative adjustments. Rhino Company Cash Flows from Operating Activities Section For the year ended on June 30 Cash flows from operating activities: Cash received from customers 218,630 Cash payments for merchandise X Cash payments for operating expenses X Cash payments for income taxes Net cash flow from operating activities
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