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).)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The current sections of Sage Hill Inc.’s balance sheets at December 31, 2021 and 2022, are...
The current sections of Sage Hill Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Sage Hill Inc.’s net income for 2022 was $175,950. Depreciation expense was $31,050. 2022 2021 Current assets    Cash $120,750 $ 113,850    Accounts receivable 92,000 102,350    Inventory 193,200 197,800    Prepaid expenses 31,050 25,300 Total current assets $437,000 $439,300 Current liabilities    Accrued expenses payable $ 17,250 $ 5,750    Accounts payable 97,750 105,800 Total current liabilities $115,000 $ 111,550
The current sections of Blossom Rentals balance sheets at December 31, 2021, and 2020, are presented...
The current sections of Blossom Rentals balance sheets at December 31, 2021, and 2020, are presented here. Blossom’ profit for 2021 was $146,880. Depreciation expense was $23,040. 2021 2020 Current assets Cash $100,800 $95,040 Accounts receivable 105,600 85,440 Inventory 151,680 165,120 Prepaid expenses 25,920 21,120 Total current assets $384,000 $366,720 Current liabilities Accrued expenses payable $14,400 $4,800 Accounts payable 81,600 88,320 Total current liabilities $96,000 $93,120 Prepare the net cash provided by operating activities section of the company’s statement of...
The current sections of Shamrock, Inc.’s balance sheets at December 31, 2016 and 2017, are presented...
The current sections of Shamrock, Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Shamrock, Inc.’s net income for 2017 was $ 153,612. Depreciation expense was $ 27,108. 2017 2016 Current assets    Cash $ 105,420 $ 99,396    Accounts receivable 80,320 89,356    Inventory 168,672 172,688    Prepaid expenses 27,108 22,088 Total current assets $ 381,520 $ 383,528 Current liabilities    Accrued expenses payable $ 15,060 $ 5,020    Accounts payable 85,340 92,368 Total current liabilities $ 100,400 $ 97,388 Prepare the...
The current sections of Scoggin Inc.’s balance sheets at December 31, 2016 and 2017, are presented...
The current sections of Scoggin Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Scoggin’s net income for 2017 was $154,700. Depreciation expense was $23,300. 2017 2016 Current assets    Cash $102,700 $97,700    Accounts receivable 109,400 80,000    Inventory 158,200 173,000    Prepaid expenses 26,900 25,900       Total current assets $397,200 $376,600 Current liabilities    Accrued expenses payable $15,000 $9,300    Accounts payable 84,000 95,600       Total current liabilities $99,000 $104,900 Prepare the net cash provided by operating activities section of the company’s statement...
Presented below are the financial statements of Vaughn Manufacturing. Vaughn Manufacturing Comparative Balance Sheets December 31...
Presented below are the financial statements of Vaughn Manufacturing. Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 59,500 $ 34,000 Accounts receivable 34,000 23,800 Inventory 47,600 34,000 Property, plant, and equipment 102,000 132,600 Accumulated depreciation (54,400 ) (40,800 ) Total $188,700 $183,600 Liabilities and Stockholders’ Equity Accounts payable $ 32,300 $ 25,500 Income taxes payable 11,900 13,600 Bonds payable 28,900 56,100 Common stock 30,600 23,800 Retained earnings 85,000 64,600 Total $188,700 $183,600 Vaughn Manufacturing Income Statement...
Exercise 13-5 The current sections of Scoggin Inc.’s balance sheets at December 31, 2016 and 2017,...
Exercise 13-5 The current sections of Scoggin Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Scoggin’s net income for 2017 was $150,500. Depreciation expense was $25,000. 2017 2016 Current assets    Cash $107,500 $97,200    Accounts receivable 108,300 77,200    Inventory 159,000 172,100    Prepaid expenses 26,200 25,000       Total current assets $401,000 $371,500 Current liabilities    Accrued expenses payable $14,400 $8,100    Accounts payable 85,700 95,900       Total current liabilities $100,100 $104,000 Prepare the net cash provided by operating activities section of the...
Culver Company has these comparative balance sheet data: CULVER COMPANY Balance Sheets December 31 2022 2021...
Culver Company has these comparative balance sheet data: CULVER COMPANY Balance Sheets December 31 2022 2021 Cash $ 48,700 $ 29,900 Accounts receivable (net) 71,300 66,700 Inventory 70,300 58,600 Plant assets (net) 185,800 172,000 $376,100 $327,200 Accounts payable $ 50,200 $ 55,400 Mortgage payable (15%, due in 15 years) 94,100 123,900 Common stock, $10 par 172,800 100,600 Retained earnings 59,000 47,300 $376,100 $327,200 Additional information for 2022: 1. Net income was $21,800. 2. Sales on account were $426,000. Sales returns...
Sunland Company has these comparative balance sheet data: SUNLAND COMPANY Balance Sheets December 31 2022 2021...
Sunland Company has these comparative balance sheet data: SUNLAND COMPANY Balance Sheets December 31 2022 2021 Cash $ 33,345 $ 66,690 Accounts receivable (net) 155,610 133,380 Inventory 133,380 111,150 Plant assets (net) 444,600 400,140 $766,935 $711,360 Accounts payable $ 111,150 $ 133,380 Mortgage payable (15%) 222,300 222,300 Common stock, $10 par 311,220 266,760 Retained earnings 122,265 88,920 $766,935 $711,360 Additional information for 2022: 1. Net income was $31,000. 2. Sales on account were $380,200. Sales returns and allowances amounted to...
Sunland Corporation’s trial balance at December 31, 2021, is presented below. SUNLAND CORPORATION Trial Balance December...
Sunland Corporation’s trial balance at December 31, 2021, is presented below. SUNLAND CORPORATION Trial Balance December 31, 2021 Debit Credit Cash $ 48,000 Accounts receivable 51,000 Allowance for doubtful accounts $ 2,500 Merchandise inventory 22,700 Investment in associate 85,000 Investment at FVTOCI—equity 30,000 Land 90,000 Building 200,000 Accumulated depreciation—building 40,000 Equipment 40,000 Accumulated depreciation—equipment 15,000 Accounts payable 18,775 Income tax payable 4,500 Bonds payable (6%, due January 1, 2026) 126,025 Common shares, unlimited number of no par value shares authorized,...
Presented below is a partial trial balance for the Alias Corporation at December 31, 2021. Account...
Presented below is a partial trial balance for the Alias Corporation at December 31, 2021. Account DBT CRT Cash 30,000 Cash tied to repayment of bands payable 100,000 AR 195,000 Allowance for Doubtful Accounts 24,000 Notes Receivable (due Nov. 1 2022) 120,000 Interest Receivable (on Notes Receavable) 4,000 Raw Materials Inventory 36,000 Work in Process Inventory 38,000 Finished Goods Inventory 98,000 Marketable Securities 48,000 Prepaid Insurance (exp June 30, 2022) 60,000 Land 100,000 Buildings 1,500,000 Equipment 400,000 Accumulated Dep. -...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT