On this year's income statement Norton Company reported net income of $10,000. During the year, accounts...

On this year's income statement Norton Company reported net income of $10,000. During the year, accounts receivable changed by $404, inventory changed by $2,989, accounts payable changed by $-1,422, and depreciation of $16,888 was recorded. Using only this information, what was the amount of net cash flow from operating activities reported using the indirect method?

Solutions

Expert Solution

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

Swifty Corporation reported net income of $203000 for the year. During the year, accounts receivable increased...

Swifty Corporation reported net income of $203000 for the year. During the year, accounts receivable increased by $15000, accounts payable decreased by $6000 and depreciation expense of $32000 was recorded. Net cash provided by operating activities for the year is $214000. $192000. $179000. $203000.

During a recent year, the Corp. reported net income of $25,000. The company also reported the...

During a recent year, the Corp. reported net income of $25,000. The company also reported the following activities: a. Purchased equipment for $6,000 in cash. b. Issued common stock for $1,000 in cash c. Depreciation of equipment was $9,000 for the year More information is presented below. Current year Prior year Assets Cash and cash equivalents $84,000 $48,700 Accounts receivable 53,600 50,000 Inventory 39,600 39,000 Prepaid expenses 5,500 15,000 Equipment 206,000 200,000 Accumulated depreciation (126,700) (117,700) Liabilities Current liabilities ...

Flounder Company reported 2017 net income of $156,700. During 2017, accounts receivable increased by $13,900 and...

Flounder Company reported 2017 net income of $156,700. During 2017, accounts receivable increased by $13,900 and accounts payable increased by $9,673. Depreciation expense was $39,900. Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Pronghorn Company reported 2020 net income of $152,900. During 2020, accounts receivable increased by $13,760 and...

Pronghorn Company reported 2020 net income of $152,900. During 2020, accounts receivable increased by $13,760 and accounts payable increased by $9,604. Depreciation expense was $44,000. Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) PRONGHORN COMPANY Cash Flow Statement choose the accounting period ...

The net income reported on the income statement for the current year was $121,900. Depreciation recorded...

The net income reported on the income statement for the current year was $121,900. Depreciation recorded on store equipment for the year amounted to $20,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $47,050 $42,820 Accounts receivable (net) 33,730 31,640 Inventories 46,060 48,170 Prepaid expenses 5,180 4,070 Accounts payable (merchandise creditors) 44,090 40,510 Wages payable 24,090 26,460 a. Prepare the “Cash...

The net income reported on the income statement for the current year was $121,600. Depreciation recorded...

The net income reported on the income statement for the current year was $121,600. Depreciation recorded on store equipment for the year amounted to $20,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $49,490 $45,530 Accounts receivable (net) 35,480 33,650 Inventories 48,450 51,220 Prepaid expenses 5,440 4,330 Accounts payable (merchandise creditors) 46,370 43,070 Wages payable 25,340 28,140 a. Prepare the Cash...

The net income reported on the income statement for the current year was $361,300. Depreciation recorded...

The net income reported on the income statement for the current year was $361,300. Depreciation recorded on store equipment for the year amounted to $15,520. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $40,180 $40,070 Accounts receivable (net) 30,070 28,060 Merchandise inventory 40,390 45,420 Prepaid expenses 3,470 4,840 Accounts payable (merchandise creditors) 38,610 37,710 Wages payable 20,330 24,800 Required: A. Prepare...

The net income reported on the income statement for the current year was $313,900. Depreciation recorded...

The net income reported on the income statement for the current year was $313,900. Depreciation recorded on equipment and a building amounted to $93,900 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $80,360 $84,380 Accounts receivable (net) 101,900 104,120 Inventories 200,900 179,390 Prepaid expenses 11,170 11,900 Accounts payable (merchandise creditors) 89,760 94,170 Salaries payable 12,940 11,730 a. Prepare...

The net income reported on the income statement for the current year was $318,700. Depreciation recorded...

The net income reported on the income statement for the current year was $318,700. Depreciation recorded on equipment and a building amounted to $93,980 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $90,370 $95,280 Accounts receivable (net) 111,660 118,570 Inventories 232,780 203,250 Prepaid expenses 12,000 15,310 Accounts payable (merchandise creditors) 96,420 104,940 Salaries payable 15,310 13,420 Required: A....

The net income reported on the income statement for the current year was $153,400. Depreciation recorded...

The net income reported on the income statement for the current year was $153,400. Depreciation recorded on store equipment for the year amounted to $25,300. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $61,820 $56,260 Accounts receivable (net) 44,320 41,580 Inventories 60,520 63,290 Prepaid expenses 6,800 5,340 Accounts payable (merchandise creditors) 57,930 53,220 Wages payable 31,650 34,770 a. Prepare the “Cash...

Subjects