MOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable Sales Cost of goods sold Gross profit $ 84,650 25,000 60,000 30,400 2,050 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities: 2019 $ 26,800 32,000 54,100 MOSS COMPANY Income Statement For Year Ended December 31, 2020 25,700 2,200 $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Adjustments to reconcile net income to net cash provided by operating activities

MOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable Sales Cost of goods sold Gross profit $ 84,650 25,000 60,000 30,400 2,050 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities: 2019 $ 26,800 32,000 54,100 MOSS COMPANY Income Statement For Year Ended December 31, 2020 25,700 2,200 $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Adjustments to reconcile net income to net cash provided by operating activities

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 13.3BE

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