Computation of cash provided by operating activities

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Reference no: EM13920963

Determination of Missing Amounts-Cash Flow from Operating Activities

Required:

The computation of cash provided by operating activities requires analysis of the noncash current asset and current liability accounts. Using T accounts, determine the missing amounts for each of the following independent cases:

Case 1
Accounts receivable, beginning of year		$96,000
Accounts receivable, end of year		65,000
Credit sales for the year		107,000
Cash sales for the year		38,000
Write-offs of uncollectible accounts		22,000
Total cash collections for the year (from cash sales and collections on account)		$
Case 2
Inventory, beginning of year		$30,000
Inventory, end of year		48,000
Accounts payable, beginning of year		23,000
Accounts payable, end of year		16,000
Cost of goods sold		158,000
Cash payments for inventory (assume all purchases of inventory are on account)		$
Case 3
Prepaid insurance, beginning of year		$21,000
Prepaid insurance, end of year		26,000
Insurance expense		17,000
Cash paid for new insurance policies		$
Case 4
Income taxes payable, beginning of year		$102,000
Income taxes payable, end of year		128,000
Income tax expense		64,000
Cash payments for taxes		$

Reference no: EM13920963

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