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Prepare the operating activities section of the statement

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Reference no: EM132439110

Question - Operating Activities Section-Indirect Method

The following account balances for the noncash current assets and current liabilities of Suffolk Company are available:

 

December 31

 

2017

2016

Accounts receivable

$43,110

$35,170

Inventory

29,860

40,210

Prepaid rent

17,500

14,950

Totals

$90,470

$90,330

Accounts payable

$26,280

$18,520

Income taxes payable

6,360

10,240

Interest payable

15,070

11,730

Totals

$47,710

$40,490

Net income for 2017 is $43,670. Depreciation expense is $21,900. Assume that all sales and all purchases are on account.

Required: Prepare the Operating Activities section of the statement of cash flows using the indirect method.

Reference no: EM132439110

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