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Category > Accounting Posted 19 Aug 2017 My Price 12.00

Blaylock Company

Cornerstone Exercise 15-19             Operating Cash Flows: Indirect Method

Blaylock Company provided the following partial comparative balance sheets and the income statement for 2014.

 

 

Blaylock Company Comparative Balance Sheets

At December 31, 2013 and 2014

 

 

2013

2014

Current assets:

 

 

Accounts receivable

$750,000

$582,500

Inventories

300,000

320,000

Current liabilities:

 

 

Wages payable

700,000

515,000

 

 

Blaylock Company Income Statement

For the Year Ended December 31, 2014

 

Revenues

$ 3,000,000

Gain on sale of equipment

100,000

Less: Cost of goods sold

(1,920,000)

Less: Depreciation expense

(270,000)

Less: Interest expense

(10,000)

Net income

$    900,000

 

Required:

Compute operating cash flows using the indirect method.

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 03:08 PM My Price 12.00

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