Cash at beginning of periodcash at end of periodcash flows

Assignment Help Accounting Basics

Reference no: EM13573975

Norman Company's income statement for the year ended December 31, 2012, contained the following condensed information.

Service revenue		$849,940
Operating expenses (excluding depreciation)	$629,560
Depreciation expense	58,390
Loss on sale of equipment	25,820	713,770
Income before income taxes		136,170
Income tax expense		38,270
Net income		$97,900

Norman's balance sheet contained the following comparative data at December 31.

	2012	2011
Accounts receivable	$36,280	$58,630
Accounts payable	46,490	30,870
Income taxes payable	4,070	8,820

(Accounts payable pertains to operating expenses.)

Prepare the operating activities section of the statement of cash flows using the direct method.

NORMAN COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2012
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash
Increase in Accounts ReceivableDividends ReceivedDecrease in InventoryTaxes PaidIncrease in Accounts PayableDecrease in Accounts ReceivableInterest PaidCash Payments for Income TaxesCash Payments for Operating ExpensesDecrease in Accounts PayableIncrease in InventoryCash Receipts from Customers		$
Increase in InventoryCash Receipts from CustomersIncrease in Accounts PayableInterest PaidDecrease in InventoryIncrease in Accounts ReceivableDecrease in Accounts ReceivableCash Payments for Income TaxesCash Payments for Operating ExpensesDecrease in Accounts PayableDividends ReceivedTaxes Paid	$
Decrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accounts PayableIncrease in InventoryCash Payments for Income TaxesTaxes PaidDividends ReceivedInterest PaidCash Receipts from CustomersDecrease in InventoryCash Payments for Operating ExpensesDecrease in Accounts Receivable

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash		$

Reference no: EM13573975

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