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bluejean bluejean
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A month ago
The following balances were gathered from Brannon Corporation's general ledger.

​December 31, 2020December 31, 2021
Accounts receivable$  60,000$  62,000
Inventory150,000147,000
Accounts payable42,00034,000
Accrued liabilities2,0008,000
Income taxes payable2,0003,000
Sales​380,000
Cost of goods sold​210,000
Operating expenses (includes $5,000 depreciation)​82,000
Gain on sale of equipment​6,000
Income tax expense​17,000
Required:

Using the indirect method, prepare the cash flows provided by operating activities section of Brannon's statement of cash flows for 2021.
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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Marth6377Marth6377
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A month ago
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More solutions for this book are available here
Net income$77,000
Depreciation5,000
Gain on sale of equipment(6,000)
Increase in accounts receivable(2,000)
Decrease in inventory3,000
Decrease in accounts payable(8,000)
Increase in accrued liabilities6,000
Increase in taxes payable    1,000
Cash provided by operating activities$76,000

Net income = $380,000 − $210,000 − $82,000 + $6,000 − $17,000 = $77,000
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bluejean Author
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A month ago
Just got PERFECT on my quiz
smi3
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Smart ... Thanks!
54321abs
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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