60.1K

Verified Solution

Link Copied!

Current Attempt in Progress Your answer is partially correct. Blossom Company reported net income of $192,700 for 2022. Blossom also reported depreciation expense of $47.200 and a loss of $6,100 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $13,400 for the year, a $15,400 increase in accounts payable, and a $4,600 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.3. - 15,000 or in parenthesis e.g. (15,000).) Blossom Company Statement of Cash Flows (Partial) Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 192700 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 4720 Blossom Company Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2022 : Cash Flows from Operating Activities Net Income 192700 Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense 17200 Loss on Disposal of Plant Assets 6100 Increase in Accounts Payable 15400 Increase in Prepaid Expenses 4600 Increase in Accounts Receivable 13400 86700 $ 279400 Net Cash Provided by Operating Activities

Answer & Explanation Solved by verified expert

See Answer