Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating...

80.2K

Verified Solution

Question

Accounting

Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2024 fiscal year was $1,268,000. Depreciation expense of $158,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
Increase in accounts receivable $ 170,000
Decrease in inventory 126,000
Decrease in prepaid expenses 80,000
Decrease in salaries payable 48,000
Increase in income taxes payable 62,000
Required:
Prepare cash flows from operating activities for 2024.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students