Question
xercise 17-05 (Video) The current sections of Scoggin Inc.s balance sheets at December 31, 2019 and 2020, are presented here. Scoggins net income for 2020
xercise 17-05 (Video)
The current sections of Scoggin Inc.s balance sheets at December 31, 2019 and 2020, are presented here. Scoggins net income for 2020 was $152,700. Depreciation expense was $24,300.
| 2020 | 2019 | |||
| Current assets | ||||
| Cash | $107,100 | $95,300 | ||
| Accounts receivable | 109,200 | 78,300 | ||
| Inventory | 157,800 | 171,100 | ||
| Prepaid expenses | 26,100 | 25,300 | ||
| Total current assets | $400,200 | $370,000 | ||
| Current liabilities | ||||
| Accrued expenses payable | $15,300 | $9,900 | ||
| Accounts payable | 84,700 | 95,300 | ||
| Total current liabilities | $100,000 | $105,200 |
Prepare the net cash provided by operating activities section of the companys statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
| SCOGGIN INC. Partial Statement of Cash Flows For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020 | ||
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
| Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Net Income Decrease in Accounts Payable Decrease in Prepaid Expenses Depreciation Expense Increase in Accrued Expenses Payable Increase in Inventory Decrease in Accrued Expenses Payable | $ | |
| Adjustments to reconcile net income to | ||
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
| Decrease in Accrued Expenses Payable Increase in Accounts Receivable Decrease in Accounts Receivable Net Income Depreciation Expense Decrease in Prepaid Expenses Increase in Prepaid Expenses Decrease in Inventory Decrease in Accounts Payable Increase in Accrued Expenses Payable Increase in Accounts Payable Increase in Inventory | $ | |
| Decrease in Accounts Receivable Net Income Decrease in Inventory Increase in Inventory Increase in Accrued Expenses Payable Decrease in Prepaid Expenses Depreciation Expense Decrease in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable Increase in Accounts Receivable | ||
| Decrease in Inventory Decrease in Accounts Payable Increase in Prepaid Expenses Decrease in Accrued Expenses Payable Decrease in Prepaid Expenses Increase in Inventory Increase in Accounts Payable Decrease in Accounts Receivable Increase in Accounts Receivable Net Income Increase in Accrued Expenses Payable Depreciation Expense | ||
| Increase in Accrued Expenses Payable Decrease in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Accounts Payable Decrease in Prepaid Expenses Increase in Inventory Increase in Accounts Payable Decrease in Accounts Receivable Increase in Accounts Receivable Net Income Depreciation Expense Decrease in Inventory | ||
| Depreciation Expense Decrease in Inventory Decrease in Accrued Expenses Payable Increase in Inventory Decrease in Prepaid Expenses Increase in Prepaid Expenses Decrease in Accounts Payable Increase in Accrued Expenses Payable Increase in Accounts Payable Increase in Accounts Receivable Decrease in Accounts Receivable Net Income | ||
| Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Depreciation Expense Decrease in Inventory Increase in Prepaid Expenses Increase in Inventory Increase in Accounts Receivable Decrease in Prepaid Expenses Decrease in Accounts Receivable Decrease in Accounts Payable Net Income Increase in Accounts Payable | ||
| Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash | $ | |
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Total Quality Safety Management And Auditing
Authors: Michael B. Weinstein
1st Edition
1566702836, 978-1566702836
