PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. Income Statenent Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Selected Balance Sheet Accounts Ending Balances $ 450 1,350 1,390 648 110 98 65 Inventory Accounts Receivable. Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance CALENDARS INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31 $ 69,000 31,500 15,1007 9,100 1,600 Cash Flows from Operating Activities: 850 750 550 $ 9,550 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Beginning Balances Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) $ 530 1,140 1,680 345 0 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 120 80
PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. Income Statenent Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Selected Balance Sheet Accounts Ending Balances $ 450 1,350 1,390 648 110 98 65 Inventory Accounts Receivable. Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance CALENDARS INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31 $ 69,000 31,500 15,1007 9,100 1,600 Cash Flows from Operating Activities: 850 750 550 $ 9,550 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Beginning Balances Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) $ 530 1,140 1,680 345 0 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 120 80
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
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.9E
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