Belnap Company has provided the following partial comparative balance sheets and the income statement for 20X2. Belnap Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Current assets: Accounts receivable $140,000 $112,600 Inventories 50,000 24,000 Current liabilities: Accounts payable 120,000 95,000 Belnap Company Income Statement For the Year Ended December 31, 20X2 Revenues $480,000 Gain on sale of equipment 20,000 Cost of goods sold (260,000) Depreciation expense (50,000) Interest expense (10,000)
Belnap Company has provided the following partial comparative balance sheets and the income statement for 20X2. Belnap Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Current assets: Accounts receivable $140,000 $112,600 Inventories 50,000 24,000 Current liabilities: Accounts payable 120,000 95,000 Belnap Company Income Statement For the Year Ended December 31, 20X2 Revenues $480,000 Gain on sale of equipment 20,000 Cost of goods sold (260,000) Depreciation expense (50,000) Interest expense (10,000)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.6E
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Compute operating cash flows using the direct method.
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