Operating Activities:Adjustments to Reconcile Net Income toNet Cash Flow from Operating Activities:Changes in Current Assets and Liabilities:Net Cash Flows: Operating Activities Use the following information from Dubuque Company's financial statements to prepare the operating activities section of thestatement of cash flows (indirect method) for the year 2018:2018 IncomeStatementBalance SheetsSalesCost of Goods SoldOperating Expenses, other than depreciation expenseDepreciation ExpenseGain on Sale of Plant Assets$ 299,000(135,000)(27,000)(17,000)16,500136,500Net IncomeDec. 31, 2018$45,3001,60022,500900Accounts ReceivableInventoryAccounts PayableAccrued LiabilitiesAccounts ReceivableInventoryAccounts PayableAccrued LiabilitiesDec. 31, 2017$43,4001,80021,2501,150PLEASE NOTE: Use the account and term names exactly, as shown above and the accounts will be listed in the same order as shownin the textbook examples. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345) anddecreases will be shown with parentheses - $(12,345).

The cash flow statement is an essential part of the financial statements of the organization. It is…

Use the following information from Dubuque Company's financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018: 2018 Income Statement Balance Sheets $ 299,000 (135,000) (27,000) (17,000) Sales Cost of Goods Sold Operating Expenses, other than depreciation expense Depreciation Expense Gain on Sale of Plant Assets 16,500 Net Income 136,500 Accounts Receivable Inventory Accounts Payable Dec. 31, 2018 $45,300 1,600 22,500 Accrued Liabilities 900 Accounts Receivable Inventory Accounts Payable Accrued Liabilities Dec. 31, 2017 $43,400 1,800 21,250 1,150

Use the following information from Dubuque Company's financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018: 2018 Income Statement Balance Sheets $ 299,000 (135,000) (27,000) (17,000) Sales Cost of Goods Sold Operating Expenses, other than depreciation expense Depreciation Expense Gain on Sale of Plant Assets 16,500 Net Income 136,500 Accounts Receivable Inventory Accounts Payable Dec. 31, 2018 $45,300 1,600 22,500 Accrued Liabilities 900 Accounts Receivable Inventory Accounts Payable Accrued Liabilities Dec. 31, 2017 $43,400 1,800 21,250 1,150

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

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.5AP

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