ols Help Cengage CengageNOWv2[Online teach x C The Income Statement ForRh C Cash

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ols Help Cengage CengageNOWv2[Online teach x C The Income Statement ForRh C Cash Flows From Operating+ https:/V2.cengagenow.com/irn/takeAssignment takeAssignmentMain.do?invoker= 1 a search as eBook Calculator Print Item Cashh lows from Operating Activities-Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of year are as follows: Sales Cost of goods sold $195,740 67,540 $128,200 Gross profit Operating expenses $16,910 Depreciation expense Other operating expenses 50,760 67,670 $60,530 17,510 $43,020 Total operating expenses Income before income tax Income tax expense Net income End of Year Beginning of Year Accourits receivable (net) $15,790 $13,740

Explanation / Answer

Cash payments for operating expenses(refer W.N 3)

Working notes (W.N)

1)

2)

3)

Cash flow from operating activities: Cash received from customers(refer W.N 1) $193,690 Deduct: Cash payments for merchandise(refer W.N 2) ($70,660)

Cash payments for operating expenses(refer W.N 3)

($50,880) Cash payments for income taxes ($17,510) Net cash flow from operating activities $54,640

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