E 14-10 LO4 Cash Flows from Operations (Indirect Method) Neil Brown is the proprietor of...
80.2K
Verified Solution
Link Copied!
Question
Accounting
E 14-10 LO4 Cash Flows from Operations (Indirect Method) Neil Brown is the proprietor of a small company. The results of operations for last year are shown, along with selected balance sheet data. From the information provided, determine the amount of net cash flows provided from operations using the indirect method. Assume that there is no income tax incurred. $600,000 410,000 $190,000 Sales revenue Cost of goods sold Gross margin Operating expenses: Wages expense. Utilities expense Rent expense Insurance expense Net income $ 60,000 4,000 41,300 14,500 119,800 $ 70,200 692 | Part 4 Other Dimensions of Financial Reporting Beginning of Year End of Year Accounts receivable (net) Inventory Prepaid insurance Accounts payable Wages payable $45,000 37,000 2,000 17,000 11,000 $42,000 38,000 1,600 20,000 9,800
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
