The net income reported on the income statement for the current year was $58,000. Depreciation...
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The net income reported on the income statement for the current year was $58,000. Depreciation recorded on fixed assets for the year was $24,000. In addition, equipment with an original cost of $130,000 and accumulated depreciation of $115,000 on the date of the sale was sold for $20,000. Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $ Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: 1 more Check My Work uses remaining
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The net income reported on the income statement for the current year was $58,000. Depreciation recorded on fixed assets for the year was $24,000. In addition, equipment with an original cost of $130,000 and accumulated depreciation of $115,000 on the date of the sale was sold for $20,000. Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $ Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: 1 more Check My Work uses remaining 