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slavikrds [6]
3 years ago
6

Portions of the financial statements for Software Associates are provided below. SOFTWARE ASSOCIATES Income Statement For the ye

ar ended December 31, 2021 Net sales $ 710,000 Expenses: Cost of goods sold $ 420,000 Operating expenses 130,000 Depreciation expense 33,000 Income tax expense 49,000 Total expenses 632,000 Net income $ 78,000 SOFTWARE ASSOCIATES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable $ 10,000 Decrease in inventory 13,000 Increase in prepaid rent 3,000 Decrease in salaries payable 4,000 Increase in accounts payable 7,000 Increase in income tax payable 8,000 Required: Prepare the operating activities section of the statement of cash flows for Software Associates using the indirect metho
Business
1 answer:
charle [14.2K]3 years ago
7 0

Answer:

Explanation:

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $78,000

Adjustment made:

Add : Depreciation expense $33,000

Add: Decrease in accounts receivable $10,000

Add: Decrease in inventory $13,000

Add: Increase in accounts payable $7,000

Less: Decrease in salaries payable -$4,000

Add: Increase in income tax payable $8,000

Less: Increase in prepaid rent -$3,000

Total of Adjustments $64,000

Net Cash flow from Operating activities                   $142,000

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8 0
3 years ago
Sheffield Realty Corporation purchased a tract of unimproved land for $115,500. This land was improved and subdivided into build
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Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

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Gross earnings are the same as
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Gross income. they are incomes before taxes or adjustments
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3 years ago
Eric works at an electronics store in a mall. Eric doesn't like to work hard, and it costs him $100 to do so. Eric's employer ca
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Explanation:

The following can be deduced from the question:

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