The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method CRANE INC.Partial Statement of Cash Flows%24Adjustments to reconcile net income to%i4>

Statement of cash flow can be known as a statement which helps stakeholders like investors,…

Answered: The current sections of Crane Inc.’s…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 2PA: Use the following information from Acorn Companys financial statements to determine operating net...

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The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300.

	2022	2021
Current assets
Cash	$102,700	$97,700
Accounts receivable	79,400	90,000
Inventory	168,200	173,000
Prepaid expenses	26,900	22,900
Total current assets	$377,200	$383,600
Current liabilities
Accrued expenses payable	$15,000	$9,300
Accounts payable	84,000	95,600
Total current liabilities	$99,000	$104,900

Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method

CRANE INC.
Partial Statement of Cash Flows
%24
Adjustments to reconcile net income to
%i4
>

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