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 1 year ago

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