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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
(Appendix 21.1) Operating Cash Flows The following is accounting information taken from Woodrail Company’s adjusted trial balance for 2019:
In addition, the following changes occurred in selected accounts during 2019:
Required:
Using the direct method, prepare the cash flows from operating activities section of the 2019 statement of cash flows for Woodrail.
Calculate cash flow from operating activities section in the cash flow statement using direct method.
Statement of cash flows: Cash flow statement reports all the cash transactions which are responsible for inflow and outflow of cash. The results of these transactions are reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities.
Operating activities: Operating activities include cash inflows and outflows from business operations.
Direct method: Under direct method, company reports its operating cash inflow and then, deducts operating cash outflow to determine its net cash flow from operating activities.
Find out cash flow from operating activities:
| Particulars | Amount($) | Amount($) | Amount($) |
| Cash inflow: | Â | Â | Â |
| Collection from customers: | Â | Â | Â |
| Sales revenue | 75,000 | Â | Â |
| Add: Decrease in accounts receivable | 5,700 | 80,700 | Â |
| Interest collected | Â | 4,300 | Â |
| Cash inflow from operating activities | Â | Â |
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