Preparation of Operating Activities Section
(Preparation of Operating Activities Section—Indirect Method, Periodic Inventory) The income statement of Vince Gill Company is shown below.
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Additional information:
1. Accounts receivable decreased $360,000 during the year.
2. Prepaid expenses increased $170,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $275,000 during the year.
4. Accrued expenses payable decreased $100,000 during the year.
5. Administrative expenses include depreciation expense of $60,000.
Instructions
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2014, for Vince Gill Company, using the indirect method.
Answers
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Posted 03 May 2017 10:05 AM
My Price 8.00
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Attachments
file 1493806577-answer1.docx preview (123 words )
(-----------Pre-----------par-----------ati-----------on -----------of -----------Ope-----------rat-----------ing----------- Ac-----------tiv-----------iti-----------es -----------Sec-----------tio-----------nâ€-----------”In-----------dir-----------ect----------- Me-----------tho-----------d, -----------Per-----------iod-----------ic -----------Inv-----------ent-----------ory-----------) T-----------he -----------inc-----------ome----------- st-----------ate-----------men-----------t o-----------f V-----------inc-----------e G-----------ill----------- Co-----------mpa-----------ny -----------is -----------sho-----------wn -----------bel-----------ow.----------- ----------- Ad-----------dit-----------ion-----------al -----------inf-----------orm-----------ati-----------on:----------- 1-----------. A-----------cco-----------unt-----------s r-----------ece-----------iva-----------ble----------- de-----------cre-----------ase-----------d $-----------360-----------,00-----------0 d-----------uri-----------ng -----------the----------- ye-----------ar.----------- 2-----------. P-----------rep-----------aid----------- ex-----------pen-----------ses----------- in-----------cre-----------ase-----------d $-----------170-----------,00-----------0 d-----------uri-----------ng -----------the----------- ye-----------ar.----------- 3-----------. A-----------cco-----------unt-----------s p-----------aya-----------ble----------- to----------- su-----------ppl-----------ier-----------s o-----------f m-----------erc-----------han-----------dis-----------e d-----------ecr-----------eas-----------ed -----------$27-----------5,0-----------00 -----------dur-----------ing----------- th-----------e y-----------ear-----------. -----------4. -----------Acc-----------rue-----------d e-----------xpe-----------nse-----------s p-----------aya-----------ble----------- de-----------cre-----------ase-----------d $-----------100-----------,00-----------0 d-----------uri-----------ng -----------the-----------
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