80.2K

Verified Solution

Link Copied!

E12-10 (Algo) Reporting and Interpreting Cash Flows from Operating Activities with Loss on Sale of Equipment (Indirect Method) LO12-2 Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Service revenue Expenses: Salaries Depreciation Utilities Loss on sale of equipment Net income Partial Balance Sheet Accounts receivable Salaries payable Other accrued liabilities Land Income Statement Current Year $ 12,800 20,200 6,100 50,400 Depreciation expense Loss on sale of equipment PARRA COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Net income $ 41,200 6,000 6,000 1,300 Prior Year $ 25,200 12,000 10,900 57,200 Required: Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. Note: List cash outflows as negative amounts. $ 67,400 $ 12,900 6,000 1,300 54,500 $ 12,900

E12-10 (Algo) Reporting and Interpreting Cash Flows from Operating Activities with Loss on Sale of Equipment (Indirect Method) LO12-2 Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Required: Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. Note: List cash outflows as negative amounts. Required: Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. Note: List cash outflows as negative amounts

Answer & Explanation Solved by verified expert

See Answer