Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 48,808 Inventory decrease 7,500 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilites Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 118,600 42,500 4,800 9,799 1,499 $

Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $ 400,000 Accounts receivable decrease 48,808 Inventory decrease 7,500 Prepaid expenses increase 7,800 Accounts payable decrease Salaries payable increase Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilites Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 118,600 42,500 4,800 9,799 1,499 $

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 31E: The Home Depot reported the following data (in millions) in its recent financial statements: a....

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