Complete the Following Statement of Cash Flows, Indirect Method, Schedule

question 77

Essay

Complete the following Statement of Cash Flows, indirect method, schedule to determine cash inflow (outflow) from operating activities:
Statement of Cash Flows, Indirect Method
Operating Activities:
Net income = $150,000
Adjustments to convert net income to cash from operating activities: $\begin{array}{|l|l|}\hline \text { Depreciation expense, } \$ 12,000 & \\\hline \text { Gain on sale of capital assets, } \$ 7,000 & \\\hline \text { Loss on sale of long-term investments, } \$ 4,000 & \\\hline \text { Amortization of discount on bonds payable, } \$ 3,000 & \\\hline \text { Increase in Inventory, } \$ 6,000 & \\\hline \text { Gain on retirement of long-term debt, } \$ 8,000 & \\\hline \text { Decrease in Accounts Receivable, } \$ 5,000 & \\\hline \text { Correction of prior years' errors, loss } \$ 11,000 & \\\hline \text { Cash inflow (outflow) from operating activities } & \$ \\\hline\end{array}$

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Definitions:

Problem Solving

The process of identifying a problem, developing possible solutions, and taking the necessary steps to reach a desired outcome.

Applying Rules

The process of implementing or enforcing guidelines, laws, or instructions in specific scenarios.

Analogies

Comparisons made between two things that are otherwise unlike, but have some similarities, often used to explain or argue.

Critical Thinking

Thinking reflectively and productively, and evaluating the evidence.