Assignment Problem: Operating Activities Section-Indirect Method
The following account balances for the noncash current assets and current liabilities of Suffolk Company are available:
|
|
Dec-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.
Assignment Requirement: Prepare the Operating Activities section of the statement of cash flows using the indirect method.
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