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The net income reported on the income statement for the current year was SAR 250,000. Depreciation recorded on fixed assets and amortization of patents for the year was SAR 40,000 and SAR 9,000 respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash SAR 50,000 SAR 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Furniture & Fixture 50,000 60,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? 89,000

The net income reported on the income statement for the current year was SAR 250,000. Depreciation recorded on fixed assets and amortization of patents for the year was SAR 40,000 and SAR 9,000 respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash SAR 50,000 SAR 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Furniture & Fixture 50,000 60,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? 89,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...
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QUESTION 2 The net income reported on the income statement for the current year was SAR 250,000. Depreciation recorded on fixed assets and amortization of patents for the year was SAR 40,000 and SAR 9,000 respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash SAR 50,000 SAR 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Furniture & Fixture 50,000 60,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Click Save and Submit to save and submit. Click Save All Answers to save all answers. W Desktop
Transcribed Image Text:QUESTION 2 The net income reported on the income statement for the current year was SAR 250,000. Depreciation recorded on fixed assets and amortization of patents for the year was SAR 40,000 and SAR 9,000 respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash SAR 50,000 SAR 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Furniture & Fixture 50,000 60,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Click Save and Submit to save and submit. Click Save All Answers to save all answers. W Desktop
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