The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 a

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The Income Statement And Selected Balance Sheet Information For Direct Products Company For The Year Ended December 31 A 1 (37.4 KiB) Viewed 11 times

The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Income Statement Selected Balance Sheet Accounts Ending Balances Accounts Receivable Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable $ 565 930 425 27 26 Cash Flows from Operating Activities: 22 DIRECT PRODUCTS COMPANY Statement of Cash Flowe (Partial) For the Year Ended December 31 Changes in Current Assets and Current Liabilities Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: $ 54,608 24,000 2,608 9,608 5,100 2,208 2,100 1,700 $ 7,300 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Beginning Balances S $ 590 748 478 21 30 54 16 0