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Category > Accounting Posted 16 Aug 2017 My Price 9.00

Vasquez Corporation

E2. Preparing a Schedule of Cash Flows from Operating Activities: Direct Method

 

Vasquez Corporation’s income statement  follows.

 

Vasquez Corporation Income Statement

 

For the Year Ended June 30, 2014

 

Sales

 

 

$122,000

Cost of goods sold

 

 

60,000

Gross margin

 

 

$  62,000

Operating expenses:

 

 

 

Salaries expense

$32,000

 

 

Rent expense

16,800

 

 

Depreciation expense

2,000

 

50,800

Income before income taxes

 

 

$  11,200

Income taxes

 

 

2,400

Net income

 

 

$    8,800

 

 

 

 

 

 

 

 

 

 

 

 

Additional information: (a) Accounts receivable increased by $4,400 during the year;

 

(b) inventories increased by $7,000, and accounts payable increased by $14,000 dur- ing the year; (c) prepaid rent decreased by $1,400, while salaries payable increased by

 

$1,000; and (d) income taxes payable decreased by $600 during the year.

 

Using the direct method, prepare a schedule of cash flows from operating activities.

 

 

 

 

 

 

 

 

 

 

 

✔ Total operating activities:

 

$47,600 inflows

 

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 11:08 PM My Price 9.00

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