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ACC 206 Week 1 Chapter 1 Problem 3 Cash flow information: Direct and indirect methods

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Chapter 1 Problem 3:
3. Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:
 
19X5
19X4
Increase / Decrease)
Current assets
     
Cash
$55,400
$35,200
$20,200
 
Accounts receivable (net)
83,800
88,000
-4,200
 
Inventory
243,400
233,800
9,600
 
Prepaid expenses
25,400
24,200
1,200
 
       
 
Current liabilities
     
 
Accounts payable
$123,600
$140,600
($17,000)
 
Taxes payable
43,600
49,200
-5,600
 
Interest payable
9,000
6,400
2,600
 
Accrued liabilities
38,800
60,400
-21,600
 
Note payable
44,000
44,000
 
       
 
The accounts payable were for the purchase of merchandise. Prepaid expenses and accrued liabilities relate to the firm's selling and administrative expenses. The company's condensed income statement follows.

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