AC116 Unit 9 Lab Learning Activity
Question 1 of 2
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The net income for Waterway Co. for 2022 was $325,900. For 2022, depreciation on plant assets was $65,900, and the company
incurred a loss on disposal of plant assets of $28,400.
Compute net cash provided by operating activities under the indirect method, assuming there were no other changes in the company’s
accounts. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Waterway Co.
Statement of Cash Flows-Indirect Method
$
Adjustments to reconcile net income to
$
$
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AC116 Unit 9 Lab Learning Activity
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The current sections of Bramble Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Bramble’s net income for
2022 was $154,300. Depreciation expense was $26,300.
2022
2021
$104,800
$97,300
Current assets
Cash
Accounts receivable
78,300
89,600
Inventory
168,500
171,800
Prepaid expenses
26,200
22,000
$377,800
$380,700
$14,300
$9,900
Total current assets
Current liabilities
Accrued expenses payable
Accounts payable
84,500
95,700
Total current liabilities
$98,800
$105,600
Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, 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).)
BRAMBLE INC.
Partial Statement of Cash Flows
$
Adjustments to reconcile net income to
$
AC116 Unit 10 Lab Learning Activity
Question 1 of 2
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The 2022 accounting records of Sunland Transport provide the following information.
Payment of interest
$10,400
Payment of salaries and wages
Cash sales
50,900
Depreciation expense
15,800
Receipt of dividend revenue
18,900
Proceeds from sale of vehicles
811,600
Payment of income taxes
16,200
Purchase of equipment for cash
22,000
Net income
38,300
Loss on sale of vehicles
3,500
Payment for merchandise
97,900
Payment of dividends
13,100
Payment for land
74,000
Payment of operating expenses
28,500
Collection of accounts receivable
196,800
Prepare the cash flows from operating activities section using the direct method.
SUNLAND Transport
Statement of Cash Flows—Direct Method
For the Year Ended December 31, 2022
Cash receipts from
$
$
cash payments:
$
$56,500
AC116 Unit 10 Lab Learning Activity
Question 2 of 2
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The following information is taken from the 2022 general ledger of Lily Company.
Rent
Salaries
Sales
Rent expense
$30,000
Prepaid rent, January 1
5,600
Prepaid rent, December 31
8,100
Salaries and wages expense
$65,700
Salaries and wages payable, January 1
3,600
Salaries and wages payable, December 31
7,400
Sales revenue
$160,200
Accounts receivable, January 1
18,400
Accounts receivable, December 31
6,800
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the
direct method.
Cash payments for rent
$
Cash payments for salaries
$
Cash receipts from customers
$
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