The current sections of Pharoah Ine's balance sheets at December 31, 2021 and 2022, are presented here. Pharoah's net income for 2022 was $190,500 Depreciation expense was $31,500. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $46,500 63,750 58,500 12,750 $181.500 $4,500 66,000 $70.500 Decrease in Inventory Cash Flows from Operating Activities Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a- sign e.g.-15,000 or in parenthesis e.g. (15,000).) Decrease in Accounts Payable Depreciation Expense Decrease in Accounts Receivable # Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities + Increase in Prepaid Expenses Increase in Accrued Expenses Payable For the Year Ended PHAROAH INC. Partial Statement of Cash Flows $66,750 51,750 46.500 14,250 $179,250 : 2021 : $ 12,000 54,000 $ 66,000 : Net Cash Provided by Operating Activities # ided December 31, 2022 $ : U
The current sections of Pharoah Ine's balance sheets at December 31, 2021 and 2022, are presented here. Pharoah's net income for 2022 was $190,500 Depreciation expense was $31,500. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $46,500 63,750 58,500 12,750 $181.500 $4,500 66,000 $70.500 Decrease in Inventory Cash Flows from Operating Activities Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a- sign e.g.-15,000 or in parenthesis e.g. (15,000).) Decrease in Accounts Payable Depreciation Expense Decrease in Accounts Receivable # Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities + Increase in Prepaid Expenses Increase in Accrued Expenses Payable For the Year Ended PHAROAH INC. Partial Statement of Cash Flows $66,750 51,750 46.500 14,250 $179,250 : 2021 : $ 12,000 54,000 $ 66,000 : Net Cash Provided by Operating Activities # ided December 31, 2022 $ : U
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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