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Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales $405,000 Expenses Cost of Goods Sold Operating expenses Depreciation expense Income Tax Expense Total Expenses $235,000 $70,000 $17,000 $27,000 $349,000 $ 56,000 Net Income Stack Technologies Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $7,000 14,000 10,000 6,000 9,000 24,000 Required: Prepare the statement of cashflows for Stack technologies for operating activities.

Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales $405,000 Expenses Cost of Goods Sold Operating expenses Depreciation expense Income Tax Expense Total Expenses $235,000 $70,000 $17,000 $27,000 $349,000 $ 56,000 Net Income Stack Technologies Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $7,000 14,000 10,000 6,000 9,000 24,000 Required: Prepare the statement of cashflows for Stack technologies for operating activities.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 24CE
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Prepare the statement of cash flows for Stack Technologies for OPERATING ACTIVITIES 

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Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales $405,000 Expenses Cost of Goods Sold Operating expenses Depreciation expense Income Tax Expense Total Expenses $235,000 $70,000 $17,000 $27,000 $349,000 $ 56,000 Net Income Stack Technologies Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $7,000 14,000 10,000 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable 6,000 9,000 24,000 Required: Prepare the statement of cashflows for Stack technologies for operating activities.
Transcribed Image Text:Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales $405,000 Expenses Cost of Goods Sold Operating expenses Depreciation expense Income Tax Expense Total Expenses $235,000 $70,000 $17,000 $27,000 $349,000 $ 56,000 Net Income Stack Technologies Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $7,000 14,000 10,000 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable 6,000 9,000 24,000 Required: Prepare the statement of cashflows for Stack technologies for operating activities.
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