Use the following balanceheet, and income statement ti, answer QS 12-11 thmugh Q

Question

Use the following balanceheet, and income statement ti, answer QS 12-11 thmugh QS 12-16, 0S 12-11 Indirect: Computing cash from operations P2 s 94800 24,000 41.000 51000 as.oo 95800 Accounes reccivablenet Prepard expere Tocal cumet assets 540 300 27000 175.000 9.000 19050 528500 Liabilities and Equity s 15.000 21.000 9,000 5,000 Wages payable ncome Eaxas payable Tocal current labil Notes payable (long-cermj Total liabilies Sales Cost of goods sold Gross profe … 28,600 54,400 97600 Other e Income before taxes Income taxes ex Nes income AA 89100 229,000179,000 35600 8400 319000 $285.000 Total labilcies and squity %30.000 Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company

Explanation / Answer

Cruz Inc.

Statement of Cash Flows ( Partial)

For the year ended December 31, 2015

$ $ Cash Flows from Operating Activities Net Income 30,000 Adjustments to reconcile net income to net cash flows from operations Depreciation Expense 17,600 Decrease in Accounts Receivable 10,000 Decrease in Inventories 10,000 Increase in Prepaid Expenses (1,200) Decrease in Accounts Payable (6,000) Increase in Wages Payable 4,000 Decrease in Income Taxes Payable (1,200) 33,200 Net cash provided by operations 63,200

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