value: 5.00 points Selected balance sheet information and the income statement f

Question

value: 5.00 points Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below Selected Balance Sheet Accounts Prior Year Current Year $ 22,000 $15,000 33,000 Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable 30,000 2,000 17,000 4,000 22,000 6,000 Income Statement $450,000 Sales Revenue Expenses Cost of Goods Sold Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 260,000 30,000 45,000 18,000 18,000 16,500 15,000 Net Income 47,500

Explanation / Answer

prepare cash flow from operating activities :

net income 47500 Adjustment to reconcile net income Depreciation expenses 30000 Decrease account receivable 7000 Increase inventory (3000) Increase prepaid rent 2000 Increase account payable 5000 Increase salaries and wages payable 2000 Net cash flow from operating activities 90500

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