Cash Flow from Operating Activities (Indirect Method) The Smithfield Company owns no plant assets and...
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Cash Flow from Operating Activities (Indirect Method) The Smithfield Company owns no plant assets and had the following income statement for the year: Sales revenue $2.530.000 Cost of goods sold $1.694.000 Wages expense 462.000 Rent expense 136,400 Utilities expense 99.000 2391,400 Net income $138,600 Additional information about the company includes: End of Beginning Year of Year Accounts receivable 5162.800 $107.800 Inventory 154.000 189.200 Prepaid rent 11,000 15,400 Accounts payable 57,200 61,600 Wages payable 26.400 28.600 Use the preceding information to calculate the cash flow from operating activities using the indirect methods
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