Your answer is partially correct. Try again Mallory Michaels, senior accountant

Question

Your answer is partially correct. Try again Mallory Michaels, senior accountant for Trendy Fashions, has gathered the following balances from the company's general ledger: December 31, 2013 $61,531 115,406 3,800 48,298 11,075 11,075 December 31, 2014 Accounts Receivable Inventories Prepaid Expenses Accounts Payable Accrued Liabilities Income Taxes Payable Net Income Depreciation Expense Loss on the sale of land $48,387 140,230 4,500 38,378 13,590 1,400 654,621 81,698 14,000 Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2014. (If amount decreases cash flow then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000).)

Explanation / Answer

Cash flows from operating activities

Net income 654,621 Adjustments to reconcile net income to net cash provided by operating activities Decrease in Accounts receivable 13,144 Increase in Inventory (24,824) Increase in Prepaid expenses (700) Decrease in Accounts payable (9,920) Increase in Accrued liabilities 2,515 Decrease in Income taxes payable (9,675) Depreciation expense 81,698 Loss on sale of land 14,000 66,238 Net acsh provided by operating activities 720,859

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