Operating cash Flows ndirect Method Amount Descriptions Statement of Cash Flows-

Question

Operating cash Flows ndirect Method Amount Descriptions Statement of Cash Flows-Indirect Method Instructions Blaylock Company provided the following partial comparative balance sheets and the income statement for 2016. Blaylock Company Comparatlve Balance Sheets At December 31, 2015 and 2016 2015 2016 Current assets: Accounts receivable $753,000 $578,500 Inventories Current liabilities 305,000 324,000 Wages payable 701,000 516,000 Blaylock Company Income Statement Check My Work ment Score: 13.43% All worl MacB

Explanation / Answer

Solution:

Blaylock Company Statement of Cash Flows Year ending December 31, 2016 Particulars Amount Cash flow from Operating Activites: Net Income $909,500.00 Add (deduct) adjusting items: Decrease in Accounts receivable $174,500.00 Decrease in Wages Payable -$185,000.00 Increase in inventories -$19,000.00 Depreciation Expense $263,000.00 Interest Expense $8,500.00 Gain on sale of equipment -$91,000.00 Net Cash from Operating Activities $1,060,500.00

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