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Problem - The following information is taken from the operating section of the statement of cash flows (direct method) of Battery Builders. Inc.:
Collections from customers
$28,000
Payments to suppliers for purchases
(13,000)
Payments for operating expenses
(9,000)
Payments for income taxes
(4,000)
Cash provided by operating activities
2,000
The following information is obtained from the income statement of Battery Builders:
Net income
$4,000
Depreciation expense
4,000
Gain on sale of equipment
Write-off of intangibles
1,000
In addition, the following information is obtained from the comparative balance sheets of Battery Builders (decreases in parentheses):
Change in accounts receivable
$3,000
Change in inventory
3,000
Change in accounts payable
Change in accrued payable (related to operating expense)
(2,000)
Change in deferred taxes payable
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