Solution-Make the statement of cash flow using the indirect

Make the statement of cash flow using the indirect method

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Reference no: EM132722970

Question - Raccoon Collectables provided the following balance sheet and income statement information:

Balance Sheet at December 31:

	Year 2	Year 1
Cash	$1,400	$7,200
Accounts receivable	13,500	12,000
Inventory	11,800	4,500
Prepaid insurance	1,200	900
Equipment, net	36,500	38,000
Total assets	$64,400	$62,600
Accounts payable	$13,100	$12,600
Wages payable	7,400	8,000
Long-term note payable	17,000	26,700
Common stock	16,000	8,000
Retained earnings	10,900	7,300
Total liabilities & shareholders' equity	$64,400	$62,600

Income Statement for Year 2:

Sales $121,800

Cost of goods sold 49,500

Depreciation expense 6,800

Other operating expenses 27,800

Interest expense 2,100

Income taxes expense 8,000

Net income $27,600

Required - Using the financial data for Raccoon Collectables, make the statement of cash flow using the indirect method for Year 2.

Reference no: EM132722970

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Make the statement of cash flow using the indirect method

Reference no: EM132722970

Reference no: EM132722970

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