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Portions of the financial statements for C. Ruiz Inc. are provided below.
C. Ruiz Inc.
Income Statement
For the Year Ended December 31, 2018
Revenues $613,000
Expenses:
Cost of goods sold $360,000
Operating expenses 116,000
Depreciation expense 33,000
Income tax expense 52,000
Total expenses 561,000
Net Income $52,000
Requirement:
Prepare the cash flows from operations section of C. Ruiz Inc.'s 2018 statement of cash flows using the indirect method.

Respuesta :

jepessoa

Answer:

Some information is missing, so I looked it up.

Explanation:

C. Ruiz, Inc.

Statement of Cash Flows

For the Year Ended December 31, 2018

Cash flow from operating activities:

Net income                                                                         $52,000

  • Depreciation expense $33,000
  • Decrease in prepaid rent $10,200
  • Increase in operating expense payable $6,200
  • Increase in income tax payable ($21,000)
  • Increase in accounts receivables ($5,800)
  • Increase in inventory ($12,100)
  • Decrease in accounts payable ($7,100)                   $3,400

Cash flow from operating activities                                 $55,400

Cash flow from investing activities:                                           $0

Cash flow from financing activities                                            $0

Net increase in cash                                                        $55,400

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