Net Cash Flow From Operating Activities Verna Company's records provided the following information for 2019: decrease in accounts payable, $4,100 loss on sale of land, $1,900 increase in inventory, $7,700 increase in income taxes payable, $2,300 net income, $67,200 patent amortization expense, $1,400 ordinary loss, $6,900 decrease in deferred taxes payable, $2,200 amortization of discount on bonds payable, $1,200 payment of cash dividends, $26,000 depletion expense, $4,800 decrease in salaries payable, $1,300 decrease in accounts receivable, $3,800 gain on sale of equipment, $6,300 proceeds from issuance of stock, $63,000 ordinary gain, $3,700 depreciation expense, $16,000 amortization of discount on investment in bonds, $1,300 Required Prepare the operating activities section of Verna's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.
Net Cash Flow From Operating Activities Verna Company's records provided the following information for 2019: decrease in accounts payable, $4,100 loss on sale of land, $1,900 increase in inventory, $7,700 increase in income taxes payable, $2,300 net income, $67,200 patent amortization expense, $1,400 ordinary loss, $6,900 decrease in deferred taxes payable, $2,200 amortization of discount on bonds payable, $1,200 payment of cash dividends, $26,000 depletion expense, $4,800 decrease in salaries payable, $1,300 decrease in accounts receivable, $3,800 gain on sale of equipment, $6,300 proceeds from issuance of stock, $63,000 ordinary gain, $3,700 depreciation expense, $16,000 amortization of discount on investment in bonds, $1,300 Required Prepare the operating activities section of Verna's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter6: Statement Of Cash Flows
Section: Chapter Questions
Problem 20E
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Net Cash Flow From Operating Activities
Verna Company's records provided the following information for 2019:
- decrease in accounts payable, $4,100
- loss on sale of land, $1,900
- increase in inventory, $7,700
- increase in income taxes payable, $2,300
- net income, $67,200
- patent amortization expense, $1,400
- ordinary loss, $6,900
- decrease in
deferred taxes payable, $2,200 - amortization of discount on bonds payable, $1,200
- payment of cash dividends, $26,000
- depletion expense, $4,800
- decrease in salaries payable, $1,300
- decrease in accounts receivable, $3,800
- gain on sale of equipment, $6,300
- proceeds from issuance of stock, $63,000
- ordinary gain, $3,700
- depreciation expense, $16,000
- amortization of discount on investment in bonds, $1,300
Required
Prepare the operating activities section of Verna's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate
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