Arundel Company disclosed the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase. Interest payable decrease Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 85,000 72,000 33,000 31,600 8,900 $ (60,500) Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 23,000 22,000 23,000 16,000 Changes in current operating assets and liabilities

Arundel Company disclosed the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase. Interest payable decrease Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 85,000 72,000 33,000 31,600 8,900 $ (60,500) Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 23,000 22,000 23,000 16,000 Changes in current operating assets and liabilities

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.17E

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