Question

MOSS COMPANY Selected Balance Sheet Information December 31, 2015 and 2014 2015 2014   Current assets     Cash...

MOSS COMPANY
Selected Balance Sheet Information
December 31, 2015 and 2014
2015 2014
  Current assets
    Cash $ 93,150    $ 35,300
    Accounts receivable 33,500    49,000
    Inventory 68,500    55,800
  Current liabilities
    Accounts payable 47,400    34,200
    Income taxes payable 2,900    3,900

  

MOSS COMPANY
Income Statement
For Year Ended December 31, 2015
  Sales $ 569,000   
  Cost of goods sold 365,600   
  
  Gross profit 203,400   
  Operating expenses
    Depreciation expense $ 53,000   
    Other expenses 130,500    183,500   
  
  Income before taxes 19,900   
  Income taxes expense 11,100   
  
  Net income $ 8,800   
  

  

Use the information above to calculate this company’s cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Cash flows from operating activities:
Adjustments to reconcile net income to operating cash flow
0
$0

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Answer #1

Solution:

Moss Company
Operating activities section of the Statement of Cash Flows
Net Income $8,800.00
Adjustments to reconcile net income to operating cash flow:
Income Statement items not affecting cash:
Depreciation $53,000.00
Changes in current operating assets and liabilities:
Decrease in Accounts Receivables ($49000- $33500) $15,500.00
Increase in Inventory ($55800 - $68500) -$12,700.00
Increase In Accounts Payable ($47400 - $34200) $13,200.00
Decrease in Income Tax Payable ($2900- $3900) -$1,000.00
$68,000.00
Net Cash provided by Operating Activities $76,800.00
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