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Problem - Cash flows from operating activities-indirect method
The net income reported on the income statement for the current year was $378,000. Depreciation recorded on equipment and a building amounted to $112,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
End of Year
Beginning of Year
Cash
$100,800
$107,100
Accounts receivable (net)
127,800
132,120
Inventories
252,000
227,700
Prepaid expenses
14,040
15,120
Accounts payable (merchandise creditors)
112,680
119,520
Salaries payable
16,200
14,850
Required -
a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.
b. If the direct method had been used, would the net cash flow from operating activities have been the same? Explain.
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