Answer Happy

PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. Income Statement $ 69,000 Sales Revenue Expenses: Cost of Goods Sold 31,500 Depreciation Expense 15, 100 Salaries and Wages Expense 9,100 Rent Expense 1,600 Insurance Expense 850 Interest Expense 750 Utilities Expense 550 Net Income $ 9,550 Beginning Ending Balances Balances Inventory $ 450 $530 Accounts Receivable 1,350 1,140 Accounts Payable 1,390 1,680 Salaries and Wages Payable 640 345 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 indirect method. (Amounts to be deducted should be indicated by a minus sign.) Selected Balance Sheet Accounts
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 by a minus sign.) CALENDARS INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities $ 0 0