Exercise 13-5 The current sections of Scoggin Inc.\'s balance sheets at December

Question

Exercise 13-5 The current sections of Scoggin Inc.'s balance sheets at December 31, 2016 and 2017, are presented here Scoggin's net income for 2017 was $154,300. Depreciation expense was $24,000 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $108,700 111,300 158,700 26,100 $404,800 $99,800 78,900 172,300 25,300 $376,300 Total current assets Current liabilities Accrued expenses payable Accounts payable $15,900 85,100 $101,000 $9,300 95,400 $104,700 Total current liabilities

Explanation / Answer

Partial Statement of cash flows For the year ended december 31,2017 Cash Flows from Operating Activities: Net income 154300 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense 24000 Increase in Accounts receivables -32400 Decrease in inventory 13600 Increase in Prepaid expense -800 Increase in accrued expenses payable 6600 Decrease in accounts payable -10300 700 Net cash provided by operating activities 155000

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.