Prepare a partial statement of cash flows reporting cash provided ndicate any de
ID: 2570982 • Letter: P
Question
Prepare a partial statement of cash flows reporting cash provided ndicate any decreases in cash or cash outflows. by operating activities for the year ended December 31, 20-2. Use a minus to ute Cash Provided by Operating Activities Company's condensed income statement for the year ended December 31, 20-2, was as follows: Net sales Cost of goods sold Gross profit Operating expenses Operating income Other revenues and expenses: $1,206,000 721,000 $485,000 127,000 $358,000 Interest revenue $300 (1,200) Interest expense Income before taxes Income tax expense Net income Additional information obtained from Horn's comparative balance sheet and auxiliary records as of December 31, 20-2 and 20-1, was as follows: (900) $357,100 124,985 $232,115 20-2 20-1Explanation / Answer
Cash flow from operating activities :
Cash flow from operating activities Net income 232115 Adjustment for changes in current assets and liabilities related to operating activities Increase account receivable (14800) decrease inventory 11300 decrease account payable (41400) Increase income tax payable 1000 Increase supplies and prepayments (4100) Decrease accured and payroll taxes (1200) decrease accured interet receivable 130 Increase accured interest payable 70 Non cash expenses Depreciation expenses 31150 Net cash flow from operating activities 214265