Cash Flows from operating Activities: Indirect Method e2A. The condensed single-step income… 1 answer below »
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Cash Flows from operating Activities: Indirect Method
e2A. The condensed single-step income statement for the year ended December 31, 2014, of Conti Chemical Company, a distributor of farm fertilizers and herbicides, follows.
Sales
$26,000,000
Less: Cost of goods sold
$15,200,000
Operating expenses (including depreciation of $1,640,000)
7,600,000
Income taxes expense
800,000
23,600,000
Net income
$ 2,400,000
Selected accounts from Conti Chemical’s balance sheets for 2014 and 2013 follow.
2014
2013
Accounts receivable
$4,800,000
$3,400,000
Inventory
1,680,000
2,040,000
Prepaid expenses
520,000
360,000
Accounts payable
1,920,000
1,440,000
Accrued liabilities
120,000
200,000
Income taxes payable
280,000
240,000
Prepare a schedule of cash flows from operating activities using the indirect method.
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