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Cengage v2.cengagenow.com/Im/takeAssig takeAssignmentMain.doinvoker= assignments&takeAssignmentSession; Locator= assignment-take&inprogress;= false HOMEWORK 14 eBook 14 Show Me How Calculator Print Item Cash flows from operating activities-indirect method 1. PE.14-1.B 2. PE. 14-2.B 3. PE.14-3.B Amount Descriptions Statement of Cash Flows-Operating Activities Instructions The net income reported on the income statement for the current year was $318,700. Depreciation recorded on equipment and a building amounted to $93,980 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: 4. PE. 14-4.B 5. PE. 14-5.B 6. EX. 14-1 7. EX.143 8. Ex 14-5.Algo 9. Ex 14-6. Algo 10. EX.14-15 ALGO 11. Pr.14-1.Algo 12. Pr.14-2.Algo End of Year $90,370 111,660 232,780 12,000 Beginning of Year Cash Accounts receivable (net) Inventories Prepaid expenses 95,280 118,570 203,250 15,310 104,940 Salaries payable 15,310 Required: A. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outfiows, cash payments, decreases in cash and for any adjustments, if required. B. If the direct method had been used, would the net cash fiow from operating activities have been the same? Check My Work Previous Next Progress: 9/12 items 6:05 PM O Type here to search ^4x 11/10/2017

Explanation / Answer

Statement of Cash Flows FOR THE YEAR END Amount in $ Amount in $ Net income $    3,18,700.00 Cash flows from operating activities Adjustments for non Cash Effects: Depreciation $       93,980.00 $       93,980.00 Changes in Current Operating Assets and Liaibilities (Increase) / Decrease in Account receivables $          6,910.00 Inventory Decrease / (Increase) $      -29,530.00 Prepaid Expenses $          3,310.00 Salaries Payable $          1,890.00 Accounts payable Increase / ( Decrese) $        -8,520.00 $      -25,940.00 Net cash from operating activities $    3,86,740.00

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