Question

The current sections of Flint Corporation’s balance sheets at December 31, 2021 and 2022, are presented...

The current sections of Flint Corporation’s balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation’s net income for 2022 was $215,900. Depreciation expense was $35,700.

2022

2021

Current assets

   Cash

$52,700

$ 75,650

   Accounts receivable

72,250

58,650

   Inventory

66,300

52,700

   Prepaid expenses

14,450

16,150

Total current assets

$205,700

$203,150

Current liabilities

   Accrued expenses payable

$ 5,100

$ 13,600

   Accounts payable

74,800

61,200

Total current liabilities

$79,900

$ 74,800

Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, 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).)

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Answer #1
Statement of Cash Flows
For the Year Ended December 31, 2022
Cash Flows from Operating Activities:
Net income 215900
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense 35700
Increase in Accounts receivable -13600
Increase in Inventory -13600
Decrease in Prepaid expenses 1700
Increase in accounts payable 13600
Decrease in Accrued expenses payable -8500
15300
Net cash provided by operating activities 231200
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