Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the income statement and selected balance sheet in

The income statement and selected balance sheet information for Calendars Incorporated for the year ended...

60.1K

Verified Solution

Question

Accounting

The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below.

Income Statement
Sales Revenue $ 72,000
Expenses:
Cost of Goods Sold 33,000
Depreciation Expense 15,400
Salaries and Wages Expense 9,400
Rent Expense 1,900
Insurance Expense 1,000
Interest Expense 900
Utilities Expense 700
Net Income $ 9,700

Selected Balance Sheet Accounts
Ending Balances Beginning Balances
Inventory $ 435 $ 500
Accounts Receivable 1,500 1,260
Accounts Payable 1,360 1,620
Salaries and Wages Payable 610 330
Utilities Payable 110 0
Prepaid Rent 90 120
Prepaid Insurance 65 80

Required:

Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated by a minus sign.)

CALENDARS INCORPORATED

Statement of Cash Flows (Partial)

For the Year Ended December 31

Cash Flows from Operating Activities

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

witch Angle Sides Move Up Down Construct Transform 74 74 Move the Transversal 2 Select...

Geometry
Q

We all currently or in the future will participate or be impacted by the stockmarket with...

General Management
Q

describe practices that should be followed directing and managing project execution. why are deliverables such and important...

General Management
Q

A cell lysis sample is presented containing a mixture of proteins genomic DNA cell debris...

Biology
Q

If the Ka radiation of Mo Z 42 has a wavelength of 0 71 calculate...

Physics
Q

B 6 3 E X m BAD m DAC AE 3 cm AB 6 cm...

Geometry
Q

Given A={{11,3,4},{-9,1,-5},{-12,-2,-5}} Observe that the first column plus twice the second column equal the third...

Algebra
Q

Let the supply and demand equations for a certain commodity be the following supply p...

Algebra
Q

If a companys accounts receivable turnover is 8.5 and its inventory turnover is 4.2, then...

Accounting
Q

Ellie Mosk, CEO of X-Space Industries, decided to expand the company's product offering beyond the...

Accounting
Q

Valmont Company developed a new industrial piece of equipment called the XP-200. The company is...

Accounting
Q

Belvedere Bricks manufactures bricks for the construction industry, which are sold online to customers on...

Accounting