Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Income Statement Service revenue $ 66,500 Expenses: Salaries $ 40,000 Depreciation 6,100 Utilities 5,100 Loss on sale of equipment 1,300 52,500 Net income $ 14,000 Partial Balance Sheet Current Year Prior Year Accounts receivable $ 12,900 $ 24,100 Salaries payable 19,100 11,100 Other accrued liabilities 5,800 10,300 Land 51,700 58,600 Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. (List cash outflows as negative amounts.)
Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Income Statement Service revenue $ 66,500 Expenses: Salaries $ 40,000 Depreciation 6,100 Utilities 5,100 Loss on sale of equipment 1,300 52,500 Net income $ 14,000 Partial Balance Sheet Current Year Prior Year Accounts receivable $ 12,900 $ 24,100 Salaries payable 19,100 11,100 Other accrued liabilities 5,800 10,300 Land 51,700 58,600 Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. (List cash outflows as negative amounts.)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 23E: The following data (in millions) are taken from the financial statements of Target Corporation: a....
Related questions
Topic Video
Question
Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information:
Income Statement | ||||
Service revenue | $ | 66,500 | ||
Expenses: | ||||
Salaries | $ | 40,000 | ||
6,100 | ||||
Utilities | 5,100 | |||
Loss on sale of equipment | 1,300 | 52,500 | ||
Net income | $ | 14,000 | ||
Partial Balance Sheet | Current Year | Prior Year | ||
$ | 12,900 | $ | 24,100 | |
Salaries payable | 19,100 | 11,100 | ||
Other accrued liabilities | 5,800 | 10,300 | ||
Land | 51,700 | 58,600 | ||
Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. (List
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning