The current sections of Scoggin Inc.'s balance sheets at December 31

The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020 are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000.

Instructions

Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method.

Solution

Scoggin Inc
Statement of Cash Flows - Indirect Method
For the Year Ended December 31, 2020

Problems: Statement of Cash Flows

Problem-01: Statement of Cash Flows

You are provided with the following transactions that took place during a recent fiscal year. Instructions Complete the table indicating whether each item (1) affects operating (O) activities, investing (1)...

Problem-02: Statement of Cash Flows

The following account balances relate to the stockholders equity accounts of Kerbs Corp. at year-end. 20202019 Common stock, 10500 and 10,000 shares, respectively for 2020 and 2019.$170,000$140,000 Preferred stock, 5,000...

Problem-03: Statement of Cash Flows

The income statement of Whitlock Company is presented here. Additional information Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the year Accounts...

Problem-04: Statement of Cash Flows

Data for Whitlock Company are presented below Additional information Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the year Accounts payable to...

Problem-05: Statement of Cash Flows

Zumbrunn Company's income statement contained the condensed information below. Accounts payable pertain to operating expenses. Instructions Prepare the operating activities section of the statement of cash flows using the indirect...

Problem-06: Statement of Cash Flows

Data for Zumbrunn Company are presented below. Accounts payable pertain to operating expenses. Instructions Prepare the operating activities section of the statement of cash flows using the direct method.

Problem-07: Statement of Cash Flows

The following are the financial statements of Nosker Company. Nosker Company.Comparative Balance SheetsDecember 31 Nosker Company.Income StatementFor the Year Ended December 31, 2020 Additional information: Dividends declared and paid were...

Problem-08: Statement of Cash Flows

Data for Nosker Company are presented in bellow. Nosker Company.Comparative Balance SheetsDecember 31 Nosker Company.Income StatementFor the Year Ended December 31, 2020 Additional information: Dividends declared and paid were $20,000....

Problem-09: Statement of Cash Flows

Condensed financial data of Cheng Inc. follow. Cheng Inc.Comparative Balance SheetsDecember 31 Cheng Inc.Income StatementFor the Year Ended December 31, 2019 Additional information: New equipment costing $85,000 was purchased for...

Problem-10: Statement of Cash Flows

Data for cheng In. are presented in. Cheng Inc.Comparative Balance SheetsDecember 31 Cheng Inc.Income StatementFor the Year Ended December 31, 2019 Additional information: New equipment costing $85,000 was purchased for...

Problem-11: Statement of Cash Flows

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Rothlisberger Company.Comparative Balance SheetsDecember 31 Additional information: Operating expenses include depreciation expense of $42,000 and charges...

Problem-12: Statement of Cash Flows

Condensed financial data of Oakley Company appear below. Oakley CompanyComparative Balance SheetsDecember 31 Oakley CompanyIncome StatementFor the Year Ended December 31, 2019 Additional information: Equipment costing $97,000 was purchased for...

Problem-13: Statement of Cash Flows

Cushenberry Corporation had the following transactions. Sold land (cost $12,000) for $15,000 Issued common stock at par for $20,000 Recorded depreciation on buildings for $17,000. Paid salaries of $9,000. Issued...

Problem-14: Statement of Cash Flows

Gutierrez Company reported net income of $225,000 for 2020. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet...

Problem-15: Statement of Cash Flows

The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020 are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. Instructions Prepare...

Problem-16: Statement of Cash Flows

The three accounts shown below appear in the general ledger of Herrick Corp. during 2020. Instructions From the postings in the accounts, indicate how the information is reported on a...

Problem-17: Statement of Cash Flows

Rojas Corporation's comparative balance sheets are presented below. Rojas CorporationComparative Balance SheetsDecember 31 Additional Information Net income was $22,630. Dividends declared and paid were $19,500. No noncash investing and financing...

Problem-18: Statement of Cash Flows

Here are comparative balance sheets for Velo Company. VELO CompanyComparative Balance SheetsDecember 31 Additional Information Net income for 2020 was $93,000 Cash dividends of $35,000 were declared and paid. Bonds...

Problem-19: Statement of Cash Flows

Rodriquez Corporation's comparative balance sheets are presented below. Rodriquez CorporationComparative Balance SheetsDecember 31 Additional Information Net income was $18,300. Dividends declared and paid were $16,400. Equipment which cost $10,000 and...

Statement of Cash Flows

Problem-15: Statement of Cash Flows

Instructions

Solution

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