Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 05 Oct 2017 My Price 8.00

store equipment

Cash flows from operating activities—indirect   method

 

The net income reported on the income statement for the current year was $400,000. Depre- ciation recorded on store equipment for the year amounted to $16,000. Balances of the cur- rent asset and current  liability  accounts  at the beginning  and end of the year are as    follows:

 

 

 

 

End of Year

Beginning of Year

Cash

$41,600

$38,400

SHOW

Accounts receivable (net)

30,400

28,000

ME HOW

Merchandise inventory

40,000

44,000

 

Prepaid expenses

4,800

3,600

 

Accounts payable (merchandise  creditors)

40,000

36,000

 

Wages payable

21,200

24,000

a.     Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.

b.    Briefly explain why net cash flow from operating activities is different than net income.

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Oct 2017 05:10 PM My Price 8.00

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