Problem 12-197 (LO 12-2]Selected balance sheet Informatlon and the Income statement for Ploneer Industries for the current year are presentedbelow.Selected Balance Sheet AccountsPrior YearCurrent YearAccounts Receivable$26, 20036, e0e2,60020,6005,200$18,00039,600InventoriesPrepaid RentAccounts PayableSalaries and Wages Payable26, 8ee7,800Income StatementSales Revenue$540,000Expenses:Cost of Goods Sold308, 000Depreciation ExpenseSalaries Expense36, 00054, 00021,60021,60019,800Rent ExpenseInsurance ExpenseInterest ExpenseUtilities Expense18,e00Net Income$ 61, 000Required:Prepare the cash flows from operating activities section of the statement of cash flows using the Indirect method. (Enterany deductions and cash outflows as a negative value.)Pioneer IndustriesCash Flows from Operating ActivitiesAdjustments to reconcile net income to net cash provided by operating activities:Changes in current assets and current liabilities:

Given, Net profit = $ 61,000 Non-cash expense = Depreciation = $36000 Income after adjusting…

Problem 12-197 (LO 12-2] Selected balance sheet information and the Income statement for Ploneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable $26, 200 $18,eee 36,e0e 2,6ee 20,600 5,200 Inventories 39,600 Prepaid Rent Accounts Payable Salaries and Wages Payable 26,8ee 7,8ee Income Statement Sales Revenue $540,eee Expenses: Cost of Goods Sold 308, 000 36, eee 54, eee 21,6ee Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,600 19,8ee 18,000 Net Income $ 61,000 Required: Prepare the cash flows from operating activitles section of the statement of cash flows using the Indirect method. (Enter any deductions and cash outflows as a negative value.)

Problem 12-197 (LO 12-2] Selected balance sheet information and the Income statement for Ploneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable $26, 200 $18,eee 36,e0e 2,6ee 20,600 5,200 Inventories 39,600 Prepaid Rent Accounts Payable Salaries and Wages Payable 26,8ee 7,8ee Income Statement Sales Revenue $540,eee Expenses: Cost of Goods Sold 308, 000 36, eee 54, eee 21,6ee Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,600 19,8ee 18,000 Net Income $ 61,000 Required: Prepare the cash flows from operating activitles section of the statement of cash flows using the Indirect method. (Enter any deductions and cash outflows as a negative value.)

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

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

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

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.9BE

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