Details of this Paper

The following account balances are for the noncash current assets and current liabilities of Sam's surfboard shop for 2008 and 2009

Description

solution


Question

The following account balances are for the noncash current assets and current liabilities of Sam's surfboard shop for 2008 and 2009;2008 2009;Accounts Receivable $8000 $20000;Inventory 55000 70000;Prepaid insurance 3000 1000;Accounts Payable 14000 22000;Salaries Payable 4000 2000;In addition, the income statement for 2009 is as follows;Sales Revenue $800000;cost of goods sold 380000;Gross profit $420000;General and administrative expenses 60000;Depreciation expenses 40000;Total operating expenses $100000;Income before interest and taxes $320000;Interest expense 25000;Income before tax $295000;Income tax expense 88000;Net income $207000;Prepare the operating activities section of the statement of cash flows using the indirect method.

 

Paper#80255 | Written in 18-Jul-2015

Price : $27
SiteLock