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Appe EX 1 V Net cash flow from The operating activities, selec $123,860 Pr the di

Appe EX 1 V Net cash flow from The operating activities, selec $123,860 Pr the di

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 16.22EX
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EX 13-22 THANK YOU!
Appendix 2 EX 13-22 Cash flows from operating activities-direct method A Net cash flow from The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: operating activities, $123,860 Sales.. $ 445,500 Cost of goods sold. Gross profit. (154,000) $ 291,500 Operating expenses: Depreciation expense $ 38,500 Other operating expenses 115,280 Total operating expenses (153,780) $ 137,720 Income before income tax Income tax expense (39,600) Net income $ 98,120 End Beginning of Year of Year Accounts receivable (net) $36,300 92,400 $31,240 Inventories 80,300 Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income tax payable. 14,520 15,840 67,540 62,700 19,140 20,900 4,400 4,400 Prepare the “Cash flows from operating activities" section of the statement of cash flows, using the direct method.
Transcribed Image Text:Appendix 2 EX 13-22 Cash flows from operating activities-direct method A Net cash flow from The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: operating activities, $123,860 Sales.. $ 445,500 Cost of goods sold. Gross profit. (154,000) $ 291,500 Operating expenses: Depreciation expense $ 38,500 Other operating expenses 115,280 Total operating expenses (153,780) $ 137,720 Income before income tax Income tax expense (39,600) Net income $ 98,120 End Beginning of Year of Year Accounts receivable (net) $36,300 92,400 $31,240 Inventories 80,300 Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income tax payable. 14,520 15,840 67,540 62,700 19,140 20,900 4,400 4,400 Prepare the “Cash flows from operating activities" section of the statement of cash flows, using the direct method.
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