The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the yearCash P 42,000 P 44,200Accounts receivable (net) 56,400 67,000Inventories 125,900 112,600Prepaid expenses 5,800 6,000Accounts payable (merchandise creditors) 61,400 67,500Salaries payable 8,300 7,900Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method. Page 1 of 3Problem 2: Cash Flow StatementThe net income reported on the income statement for the current year was P255,800. Depreciationrecorded on equipment and a building amounted to P53,500 for the year. Balances of the currentasset and current liability accounts at the beginning and end of the year are as follows:End of the yearBeginning of theyearCashP 42,000P 44,200Accounts receivable (net)56,40067,000Inventories125,900112,600Prepaid expenses5,8006,00061,40067,500Accounts payable (merchandisecreditors)Salaries payable8,3007,900Required: Prepare the cash flows from operating activities section of the statement of cash flows,using the indirect method.

A cash flow statement is a financial statement that provides aggregate data regarding all cash…

The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the year Cash P 42,000 P 44,200 Accounts receivable (net) 56,400 67,000 Inventories 125,900 112,600 Prepaid expenses 5,800 6,000 Accounts payable (merchandise creditors) 61,400 67,500 Salaries payable 8,300 7,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method

The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the year Cash P 42,000 P 44,200 Accounts receivable (net) 56,400 67,000 Inventories 125,900 112,600 Prepaid expenses 5,800 6,000 Accounts payable (merchandise creditors) 61,400 67,500 Salaries payable 8,300 7,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 14M

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