Below is an income statement for Runner Products for the year ended December 31, 2020,...
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Accounting
Below is an income statement for Runner Products for the year ended December 31, 2020, and a schedule listing the companys current assets and current liabilities at the end of 2019 and 2020:
Runner Products Income Statement For the Year Ended December 31, 2020 | |||||||
---|---|---|---|---|---|---|---|
Sales | $132,600 | ||||||
Cost of goods sold | 55,692 | ||||||
Gross profit | 76,908 | ||||||
Operating expenses: | |||||||
Selling & general expenses | $12,700 | ||||||
Depreciation expense | 2,440 | 15,140 | |||||
Operating income | 61,768 | ||||||
Loss on sale of land | 3,688 | ||||||
Income before income tax | 58,080 | ||||||
Income tax expense | 11,616 | ||||||
Net income | $46,464 |
Schedule of Current Assets and Current Liabilities | December 31, 2020 | December 31, 2019 | |||||
---|---|---|---|---|---|---|---|
Cash | $14,000 | $12,300 | |||||
Accounts receivable | 4,920 | 3,830 | |||||
Inventory | 6,240 | 5,650 | |||||
Prepaid expenses | 2,090 | 2,600 | |||||
Accounts payable | 2,190 | 1,480 | |||||
Accrued liabilities | 1,680 | 2,300 |
Prepare the operating activities section of the statement of cash flows using the indirect method. (Enter amounts that decrease cash flow either with a negative sign preceding the number, e.g. -15,000 or parenthesis e.g. (15,000).)
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Runner Products Partial Statement of Cash flows - Indirect method Operating activities $Get Answers to Unlimited Questions
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