Portions of the financial statements for Horizon Telecom are provided below. Prepare the operating...
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Accounting
Portions of the financial statements for Horizon Telecom are provided below.
Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.)
And please explain how did you find the numbers too.
HORIZON TELECOM Income Statement For the Year Ended December 31, 2018 $616,000 Revenues Expenses: ost of goods sold Operating expenses Depreclation expense ncome tax expense $367,000 111,000 29,000 54,500 lotal expenses 561,500 Net Income $ 54,500 HORIZON TELECOM Selected Balance Sheet Data December 31, 2018 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $ 5,200 11,100 10,900 6,100 7,000 21,900
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