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Category > Accounting Posted 14 Dec 2017 My Price 10.00

Prepare the cash flows from operating activities

The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2013, is presented below.

 

Income Statement
  Sales Revenue $ 48,600  
  Expenses:    
       Cost of Goods Sold   21,000  
       Depreciation Expense   2,000  
       Salaries Expense   9,000  
       Rent Expense   4,500  
       Insurance Expense   1,900  
       Interest Expense   1,800  
       Utilities Expense   1,400  
 
  Net Income $ 7,000  
 

 

Selected Balance Sheet Accounts
  2013  2012 
  Accounts Receivable $ 560     $ 580    
  Merchandise Inventory   990       770    
  Accounts Payable   420       460    
  Prepaid Rent   25       20    
  Prepaid Insurance   25       28    
  Salaries Payable   100       60    
  Utilities Payable   20       15    

 

Required:

Prepare the cash flows from operating activities section of the 2013 statement of cash flows using the direct method. (List cash outflows as negative amounts.)


For the amounts below, all of them are incorrect, except for cash payments for insurance. 

DIRECT PRODUCTS COMPANY
Statement of Cash Flows (Partial)
For the Year Ended December 31, 2013
Cash Flows from Operating Activities:
Cash Payments for Insurance $(1,900)
Cash Payments for Interest (1,800)
Cash Payments for Rent (4,500)
Cash Payments for Salaries (9,000)
Cash Payments for Utilities (1,400)
Cash Payments to Suppliers (420)
Cash Receipts from Customers 48,040
Net Cash Provided by Operating Activities

$29,020

 

 

 

 

 

 

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Answers

CourseLover
(12)
Status NEW Posted 14 Dec 2017 02:12 PM My Price 10.00

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