Problem 11 3a Algo Calculate Operating Activities Indirect Method Lo11 3 Portions Of The Financial Statements For Pe 1 (31.01 KiB) Viewed 42 times
Problem 11 3a Algo Calculate Operating Activities Indirect Method Lo11 3 Portions Of The Financial Statements For Pe 2 (32.57 KiB) Viewed 42 times
Problem 11-3A (Algo) Calculate operating activities-indirect method (LO11-3) Portions of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold i Operating expenses Depreciation expense Income tax expense Total expenses Net income. PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable $180,000 55,000 15,500 19,500 Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $300,000 270,000 $ 30,000 $ 5,500 12,500 8,500 4,500 7,500 18,000 Required: Prepare the operating activities section of the statement of cash flows for Petoskey Technologies using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Cash Flows from Operating Activities: PETOSKEY TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities Net cash flows from operating activities
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