Westfall Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $50,000 and its total current liabilities totaling $36,000. At the end of the year, these same current assets totaled $48,000, while its total current liabilities totaled $40.000. Net income for the year was $81,000 Included in net income were a $4,000 loss on the sale of land and depreciation expense of $8,000. Show how Westfall should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Question Viewer Net cash provided by (used for) operating activities
Westfall Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $50,000 and its total current liabilities totaling $36,000. At the end of the year, these same current assets totaled $48,000, while its total current liabilities totaled $40.000. Net income for the year was $81,000 Included in net income were a $4,000 loss on the sale of land and depreciation expense of $8,000. Show how Westfall should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Question Viewer Net cash provided by (used for) operating activities
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
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 13P: Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended...
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H1.
![Westfall Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $50,000 and its total current liabilities totaling $36,000. At the end of the year, these same
current assets totaled $48,000, while its total current liabilities totaled $40,000. Net income for the year was $81,000. Included in net income were a $4,000 loss on the sale of land and depreciation
expense of $8,000.
Show how Westfall should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net
decrease in cash)
Cash flows from operating activities:
Adjustments to reconcile net income to net cash
provided by (used for) operating activities:
Question Viewer
Net cash provided by (used for) operating activities](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f57c3f1-297c-4d4f-b25b-85b70449f161%2F4d283cbb-8b70-499d-89a5-4ba4ede8a65b%2Fozccfz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Westfall Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $50,000 and its total current liabilities totaling $36,000. At the end of the year, these same
current assets totaled $48,000, while its total current liabilities totaled $40,000. Net income for the year was $81,000. Included in net income were a $4,000 loss on the sale of land and depreciation
expense of $8,000.
Show how Westfall should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net
decrease in cash)
Cash flows from operating activities:
Adjustments to reconcile net income to net cash
provided by (used for) operating activities:
Question Viewer
Net cash provided by (used for) operating activities
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