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Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. MOSS
COMPANY Income
Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income MOSS
COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $94,650 35,000 70,000 50,400 3,050 2020 $ 584,000 371, 600 212,400 132,000 56,000 24,400 13,300 $ 11,100 $36,800 52,000 56,100 35,700 4,200 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 3,050 Cash flows from operating activities: 4,200 Adjustments to reconcile net income to net cash provided by operating activities Income
statement items not affecting cash Changes in current operating assets and liabilities $ 56,000 $ 56,000 56.000