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Category > Accounting Posted 25 Apr 2017 My Price 5.00

Direct and Indirect Methods

E22-5      Direct and Indirect Methods  The Dauve Company reported the following condensed income statement for   2007:

 

Sales

 

 

$100,000

Cost of goods sold

 

 

(58,000)

Gross profit Operating expenses

Depreciation expense

 

 

$ 8,000

 

$ 42,000

Salaries expense

12,000

 

(20,000)

Income before income taxes

 

 

$ 22,000

Income tax expense

 

 

(6,600)

Net income

 

 

$ 15,400

During 2007, the following changes occurred in the company’s current assets and current liabilities:

Increase (Decrease)

Cash

$3,700

Accounts receivable

(5,500)

Inventories

8,900

Accounts payable (purchases)

(4,600)

Salaries payable

2,800

Required

1.      By visual inspection, prepare the net cash flow from operating activities section of the Dauve Company’s 2007 statement of cash flows using the indirect method.

2.      By visual inspection, prepare the net cash flow from operating activities section of the Dauve Company’s 2007 statement of cash flows using the direct method.

Answers

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Status NEW Posted 25 Apr 2017 05:04 PM My Price 5.00

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file 1493143368-Answer.docx preview (209 words )
E-----------22------------5 ----------- Â----------- Â ----------- Â----------- Di-----------rec-----------t a-----------nd -----------Ind-----------ire-----------ct -----------Met-----------hod-----------s ----------- T-----------he -----------Dau-----------ve -----------Com-----------pan-----------y r-----------epo-----------rte-----------d t-----------he -----------fol-----------low-----------ing----------- co-----------nde-----------nse-----------d i-----------nco-----------me -----------sta-----------tem-----------ent----------- fo-----------r -----------  -----------200-----------7: -----------  ----------- S-----------ale-----------s Â-----------  Â-----------  $-----------100-----------,00-----------0 -----------Cos-----------t o-----------f g-----------ood-----------s s-----------old-----------  -----------  ----------- (5-----------8,0-----------00)----------- G-----------ros-----------s p-----------rof-----------it -----------Ope-----------rat-----------ing----------- ex-----------pen-----------ses----------- D-----------epr-----------eci-----------ati-----------on -----------exp-----------ens-----------e Â-----------  -----------  ----------- $ -----------8,0-----------00 -----------  -----------$ 4-----------2,0-----------00 ----------- Sa-----------lar-----------ies----------- ex-----------pen-----------se -----------12,-----------000-----------  ----------- (2-----------0,0-----------00)----------- I-----------nco-----------me -----------bef-----------ore----------- in-----------com-----------e t-----------axe-----------s Â-----------  Â-----------  $----------- 22-----------,00-----------0 -----------Inc-----------ome----------- ta-----------x e-----------xpe-----------nse-----------  -----------  ----------- (6-----------,60-----------0) ----------- Ne-----------t i-----------nco-----------me -----------  -----------  -----------$ 1-----------5,4-----------00 ----------- Du-----------rin-----------g 2-----------007-----------, t-----------he
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