-please fill in the blanks thank you! Exercise 12-5 The current sections of Sanf

Question

-please fill in the blanks thank you!

Exercise 12-5 The current sections of Sanford Inc.'s balance sheets at December 31, 2013 and 2014, are presented here. Sanford's net income for 2014 was $436,509. Depreciation expense was $77,031 2014 2013 Current assets Cash Accounts receivable Inventory Prepaid expenses $299,565 228,240 479,304 77,031 $1,084,140 $ 282,447 253,917 490,716 62,766 $1,089,846 Total current assets Current liabilities $14,265 262,476 242,505262/4172 $276,741 $42,795 Accrued expenses payable Accounts payable Total current liabilities $285,300 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2014, using the indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.g (15,000).)

Explanation / Answer

Sanford Inc Partial Statement of Cash Flows For the year ended December 31, 2014 Cash Flow from Operating Activities Net Income 436509 Add Depreciation 77031 Adjustments to reconcile net income Decrease in Accounts Receivable 25677 253917-228240 Decrease In Inventory 11412 490716-479304 Increase in Prepaid Expenses -14265 62766-77031 Increase in Accrued Expenses 28530 42795-14265 Decrease in Accounts Payable -19971 242505-262476 Cash Flow from Operating Activities 544923

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