Kingbird, Inc. reported net income of $195,450 for 2022. Kingbird, Inc. also reported depreciation expense...
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Kingbird, Inc. reported net income of $195,450 for 2022. Kingbird, Inc. also reported depreciation expense of $33,810 and a loss of $5,040 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,650 for the year, a $16,350 increase in accounts payable, and a $4,030 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.g. -15,000 or in parenthesis e.g. (15,000).)
Kingbird, Inc. Partial Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 4 Adjustments to reconcile net income to Cash Flows from Operating Activities - Depreciation Expense Loss on Disposal of Plant Assets Decrease in Accounts Receivable Increase in Accounts Payable 4 Decrease in Prepaid Expenses Cash Flows from Operating Activities
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Kingbird, Inc. reported net income of $195,450 for 2022. Kingbird, Inc. also reported depreciation expense of $33,810 and a loss of $5,040 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,650 for the year, a $16,350 increase in accounts payable, and a $4,030 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.g. -15,000 or in parenthesis e.g. (15,000).)