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In: Accounting

Exercise 17-05 (Video) The current sections of Scoggin Inc.’s balance sheets at December 31, 2019 and...

Exercise 17-05 (Video)

The current sections of Scoggin Inc.’s balance sheets at December 31, 2019 and 2020, are presented here.

Scoggin’s net income for 2020 was $153,200. Depreciation expense was $25,000.

2020

2019
Current assets
   Cash

$107,100

$95,400
   Accounts receivable

108,300

77,900
   Inventory

157,000

171,800
   Prepaid expenses

26,100

25,100
      Total current assets

$398,500

$370,200
Current liabilities
   Accrued expenses payable

$14,100

$8,900
   Accounts payable

85,600

95,600
      Total current liabilities

$99,700

$104,500


Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Solutions

Expert Solution

Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.

ekkarill92 answered 2 years ago
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