Question
Below is an income statement and balance sheet with selected accounts. I need help creating the operating...
Below is an income statement and balance sheet with selected accounts. I need help creating the operating section of the statement of cash flows (using the indirect method). Thank you.
| Income Statement | Selected Balance Sheet Accounts | |||||||
| 2018 | 2018 | 2017 | ||||||
| Sales revenue | 75,500 | Accounts receivable | 879 | 650 | ||||
| Cost of sales | 30,809 | Inventory | 89,600 | 83,750 | ||||
| Gross profit | 44,691 | Accounts payable | 4,120 | 5,230 | ||||
| Depreciation expense | 7,008 | Salaries payable | 250 | 775 | ||||
| Rent expense | 15,230 | Rent payable | 2,100 | 1,100 | ||||
| Salaries expense | 18,000 | Interest payable | 500 | 575 | ||||
| Interest expense | 219 | Long-term debt | 300 | 330 | ||||
| Net Income | 4,234 | Common stock equity | 3,265 | 220 | ||||
Answers
Solution
Statement of Cash Flows (Partial) Cash flows from operating activities: Net income $ 4,234 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense $ 7,008 Increase in accounts receivable $ (229) Increase in inventory $ (5,850) Decrease in salaries payable $ (525) Increase in rent payable $ 1,000 Decrease in interest payable $ (75) Decrease in accounts payable $ (1,110) $ 219 Net cash flow from operating activities $ 4,453
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