Current Attempt in Progress The comparative balance sheets for Wildhorse Company show these changes in noncash current asset accounts: accoun decreased $68,000, prepaid expenses increased $16,000, and inventories increased $28,000. Compute net cash provided by operating activities using the indirect method, assuming that net income is $176,000. (Sho that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WILDHORSE COMPANY Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to LA $

Current Attempt in Progress The comparative balance sheets for Wildhorse Company show these changes in noncash current asset accounts: accoun decreased $68,000, prepaid expenses increased $16,000, and inventories increased $28,000. Compute net cash provided by operating activities using the indirect method, assuming that net income is $176,000. (Sho that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WILDHORSE COMPANY Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to LA $

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 2PA: Statement of cash flowsindirect method The comparative balance sheet of Yellow Dog Enterprises Inc....

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Which item is added to net income when computing cash flows from operating activities? a. Gain on the disposal of property, plant, and equipment b. Increase in wages payable c. Increase in inventory d. Increase in prepaid rent Use the following information for Multiple-Choice Questions 11-9 and 11-10: Cornett Company reported the following information: cash received from the issuance of common stock, $150,000; cash received from the sale of equipment, $14,800; cash paid to purchase an investment, $20,000; cash paid to retire a note payable, $50,000; and cash collected from sales to customers, $225,000.
Statement of cash flowsindirect method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, 250,000. b. Depreciation reported on the income statement, 135,000. c. Equipment was purchased at a cost of 420,000 and fully depreciated equipment costing 90,000 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 30,000 shares of common stock were issued at 20 for cash. f. Cash dividends declared and paid, 45,000. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
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