AE13-5 The current sections of Leach Inc.’s balance sheets (different version)_with explanation

The current sections of Leach Inc.’s balance sheets at December 31, 2010 and 2011, are presented here.

Leach’s net income for 2011 was $152,990. Depreciation expense was $24,030.

2011    2010

Current assets

Cash    104,980           99,290

Accounts receivable    109,930           88,630

Inventory        157,840           172,260

Prepaid expenses         27,250             21,740

Total current assets     400,000           381,920

Current liabilities

Accrued expenses payable       14,910             5,140

Accounts payable        85,320             92,490

Total current liabilities            100,230           97,630

Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2011, using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number eg. -45 or parentheses eg (45).)

 

 

Order Now