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 02 Nov 2017 My Price 7.00

Effects of Changes in Inventory

Problem 5-6A Effects of Changes in Inventory and Accounts Payable Balances on Statement of Cash Flows

Carpetland City reported net income of $78,500 for the year ended December 31, 2014. The following items were included on Carpetland’s balance sheet at December 31, 2014 and 2013:

 

 

 

12/31/14

12/31/13

Cash

$  14,400

$26,300

Trade  accounts payable

23,900

93,700

Inventories

105,500

84,900

Carpetland uses the indirect method to prepare its statement of cash flows. Carpetland does not have any other current assets or current liabilities and did not enter into any investing or financing activities during 2014.

Required

1.        Prepare Carpetland’s 2014 statement of cash flows.

2.        Draft a brief memo to the president to explain why cash decreased during a profitable year.

 

 

 

 

 

LO2• 3• 11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LO2•3• 4

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Nov 2017 07:11 PM My Price 7.00

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