Below is an income statement and balance sheet with selected accounts. I need help creating the operating...
Below is an income statement and balance sheet with selected accounts. I need help creating the operating section of the statement of cash flows (using the indirect method). Thank you.
| Income Statement | Selected Balance Sheet Accounts | |||||||
| 2018 | 2018 | 2017 | ||||||
| Sales revenue | 75,500 | Accounts receivable | 879 | 650 | ||||
| Cost of sales | 30,809 | Inventory | 89,600 | 83,750 | ||||
| Gross profit | 44,691 | Accounts payable | 4,120 | 5,230 | ||||
| Depreciation expense | 7,008 | Salaries payable | 250 | 775 | ||||
| Rent expense | 15,230 | Rent payable | 2,100 | 1,100 | ||||
| Salaries expense | 18,000 | Interest payable | 500 | 575 | ||||
| Interest expense | 219 | Long-term debt | 300 | 330 | ||||
| Net Income | 4,234 | Common stock equity | 3,265 | 220 | ||||
Homework Answers
Solution
| Statement of Cash Flows (Partial) | ||
| Cash flows from operating activities: | ||
| Net income | $ 4,234 | |
| Adjustments to reconcile net income to net cash flow from operating activities: | ||
| Depreciation expense | $ 7,008 | |
| Increase in accounts receivable | $ (229) | |
| Increase in inventory | $ (5,850) | |
| Decrease in salaries payable | $ (525) | |
| Increase in rent payable | $ 1,000 | |
| Decrease in interest payable | $ (75) | |
| Decrease in accounts payable | $ (1,110) | |
| $ 219 | ||
| Net cash flow from operating activities | $ 4,453 | |
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Below is an income statement and balance sheet with selected
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Accounts Receivable
305,800
Dividends
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Inventory
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need help filling out the blanks on income statement and balance
sheet which correspond with the adjusted trial balances.
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