The financial information below presents operating revenue and expenses for 2020 as well as the starting and ending balances for relevant asset and liability accounts that changed during the year: Sales revenue $909,272 Depreciation expense $3,206 Cost of goods sold 445,563 Selling, general and administrative expenses 91,316 Interest expense 12,402 Income tax expense 143,126 Accounts receivable 12/31/19 65,305 Accounts receivable 12/31/20 67,810 Accounts payable 12/31/19 16,540 Accounts payable 12/31/20 17,261 Prepaid expenses 12/31/19 4,107 Prepaid expenses 12/31/20 3,875 Inventory 12/31/19 7,852 Inventory 12/31/20 6,491 Prepare the Operating section of the Cash Flow Statement using the indirect approach.
The financial information below presents operating revenue and expenses for 2020 as well as the starting and ending balances for relevant asset and liability accounts that changed during the year: Sales revenue $909,272 Depreciation expense $3,206 Cost of goods sold 445,563 Selling, general and administrative expenses 91,316 Interest expense 12,402 Income tax expense 143,126 Accounts receivable 12/31/19 65,305 Accounts receivable 12/31/20 67,810 Accounts payable 12/31/19 16,540 Accounts payable 12/31/20 17,261 Prepaid expenses 12/31/19 4,107 Prepaid expenses 12/31/20 3,875 Inventory 12/31/19 7,852 Inventory 12/31/20 6,491 Prepare the Operating section of the Cash Flow Statement using the indirect approach.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...
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The financial information below presents operating revenue and expenses for 2020 as well as the starting and ending balances for relevant asset and liability accounts that changed during the year:
|
Sales revenue |
$909,272 |
|
$3,206 |
|
Cost of goods sold |
445,563 |
Selling, general and administrative expenses |
91,316 |
|
Interest expense |
12,402 |
Income tax expense |
143,126 |
|
Accounts receivable 12/31/19 |
65,305 |
Accounts receivable 12/31/20 |
67,810 |
|
Accounts payable 12/31/19 |
16,540 |
Accounts payable 12/31/20 |
17,261 |
|
Prepaid expenses 12/31/19 |
4,107 |
Prepaid expenses 12/31/20 |
3,875 |
|
Inventory 12/31/19 |
7,852 |
Inventory 12/31/20 |
6,491 |
Prepare the Operating section of the Cash Flow Statement using the indirect approach.
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