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Current liabilities Accounts payable Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted 50,400 3,050 35,700 4,200

Current liabilities Accounts payable Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted 50,400 3,050 35,700 4,200

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 14P: (Appendix 21.1) Operating Cash Flows Refer to the information for Lamberson Company in P21-6....
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QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 NOSS COMPANY Income Statement For Year Ended December 31, 2021 WAY TINHALT Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2005 MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 94,650 35,000 70,000 Cash flows from operating activities: 50,400 3,050 $ 584,000 371,600 2020 Changes in current operating assets and liabilities 212,400 132,000 56,000 24,400 13,300 $ 11,100 $36,800 52,000 56,100 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 35,700 4,200 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 56,000 + S 56,000 56,000
Transcribed Image Text:QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 NOSS COMPANY Income Statement For Year Ended December 31, 2021 WAY TINHALT Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2005 MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 94,650 35,000 70,000 Cash flows from operating activities: 50,400 3,050 $ 584,000 371,600 2020 Changes in current operating assets and liabilities 212,400 132,000 56,000 24,400 13,300 $ 11,100 $36,800 52,000 56,100 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 35,700 4,200 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 56,000 + S 56,000 56,000
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