The current sections of Sunland Company's balance sheets at December 31, 2019 and 2020, are presented here. Sunland's net income for 2020 was $151,500. Depreciation expense was $23,000. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 $100,900 109,500 158,300 27,000 $395,700 $15,700 84,700 $100,400 2019 $97,800 78,300 173,000 25,300 $374,400 $9,000 96,000 $105,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

The current sections of Sunland Company's balance sheets at December 31, 2019 and 2020, are presented here. Sunland's net income for 2020 was $151,500. Depreciation expense was $23,000. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 $100,900 109,500 158,300 27,000 $395,700 $15,700 84,700 $100,400 2019 $97,800 78,300 173,000 25,300 $374,400 $9,000 96,000 $105,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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