The income statement and selected balance sheet information for Calendars Incorp
ID: 2437259 • Letter: T
Question
The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below.
Income Statement Sales Revenue $74,000 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 34,000 15,600 9,600 2,100 1,100 1,000 800 Net Income $ 9,800 Selected Balance Sheet Accounts Ending Beginning Balances Balances Inventory Accounts Receivable Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Tnsurance $ 450 1,600 1,340 590 120 70 60 $ 530 1,340 1,580 320 110 70Explanation / Answer
Statement of cash flow (partial)
Cash flow from operating activities Net income 9800 Adjustment to reconcile net income to net cash flow from operating activities Depreciation expense 15600 Decrease inventory 80 Increase account receivable -260 Decrease account payable -240 Increase salary and wages payable 270 Increase utilities payable 120 Decrease prepaid rent 40 Decrease prepaid insurance 10 15620 Net cash flow from operating activities 25420Related Questions
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