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IRINA_888 [86]
3 years ago
14

Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income fo

r the 2021 fiscal year was $624,000. Depreciation and amortization expense of $87,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
Decrease in accounts receivable $22,000
Increase in inventories 9,200
Increase prepaid expenses 8,500
Increase in salaries payable 10,000
Decrease in income taxes payable 14,000

Required:
Prepare the operating activities section of the 2011 statement of cash flows.
Business
1 answer:
Lady bird [3.3K]3 years ago
7 0

Answer:

711,300

Explanation:

Net cash generated from operating activities can be calculated by deducting and adding back the cash and non-cash items respectively from the net income for the year. Such as depreciation will be added back in net income due to it is a non-cash expense

Net Income                                                                       624,000

Depreciation and amortization                                         87,000

Decrease in accounts receivable                                     22,000

Increase in inventories                                                       (9,200)

Increase prepaid expenses                                                (8,500)

Increase in salaries payable                                              10,000

Decrease in income taxes payable                                   (14,000 )

Net cash generated from operating activities                 711,300

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1 year ago
Suppose Brazil has a comparative advantage in coffee production and Mexico has a comparative advantage in tomato production. If
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Answer:

The correct answer is A. Brazilian tomato producers are worse off.

Explanation:

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At the end of the prior year, Doubtful Inc. had a deferred tax asset of $18,500,000 attributable to its only timing difference,
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Answer:

Journal entries to record Doubtful's income tax expense for the current year.

No   Account titles and Explanation             Debit'$    Credit'$

1       Income tax expense                             8,945,000

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Answer:

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