sheet for Rashid Corporation. the cas h flows from operating activities section
ID: 2415520 • Letter: S
Question
sheet for Rashid Corporation. the cas h flows from operating activities section (only) using the indirect method. Rashid Corporation Income Statement For Year Ended December 31, 2010 Sales Cost .. Depreciation expense Other operating expenses Other gains (losses): $504,000 of goods sold. 5327 42,000 125.500 (495,100 .... Gain on sale of equipment. ome before taxes Income tax expense.. Net S 16,100 (4.800) income Rashid Corporation Balance Sheets At December 31 2009 64,650 55,800 29,000 52,100 240,000 222,000 106.000) 96.000 Assets 2010 Cash 21,000 58,000 Inventory Equipment Accumulated depreciation Total assets. Liabilities: Accounts payabl. Income taxes payable .. Total liabilities. able S 28,400 23,700 1050 1200 29,450 24,900 Equity $106,000 $106,000 Common stock Contributed Capital in excess of par value..18 Retained earnings 18,000 18,000 124,200 114.000 $248.200 $238,000 $277650 $262,900 Total equity... Total liabilities and equity.Explanation / Answer
Rashid Corporation (All amounts in $) Cash Flows for the year ended 31 December 2010 Cash Flows from Operating Activities Net Income per Income Statement 11300 Add : Depreciation Expense 42000 Less : Gain on Sale on Equipment -7200 Add : Income Tax Expense 4800 39600 Cash Flow before Working Capital changes 50900 Add : Decrease in Accounts Receivable 8000 Less : Increase in Inventory -5900 Add : Increase in Accounts Payable 4700 Less : Decrease in Income Taxes Payable -150 6650 Net Cash inflow from Operating Activities 57550
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