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Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2.
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Question & Answer: Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X…..
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| Tidwell Company |
| Comparative Balance Sheets |
| At December 31, 20X1 and 20X2 |
| 1 | 20X1 | 20X2 | |
| 2 | Current assets: | ||
| 3 | Accounts receivable | $347,000.00 | $284,000.00 |
| 4 | Inventories | 121,000.00 | 148,000.00 |
| 5 | Current liabilities: | ||
| 6 | Accounts payable | 299,000.00 | 240,000.00 |
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| Tidwell Company |
| Income Statement |
| For the Year Ended December 31, 20X2 |
| 1 | Revenues | $1,210,000.00 |
| 2 | Gain on sale of equipment | 50,000.00 |
| 3 | Cost of goods sold | (647,000.00) |
| 4 | Depreciation expense | (126,000.00) |
| 5 | Interest expense | (24,500.00) |
| 6 | Net income | $462,500.00 |
| Required: | |
| Compute operating cash flows using the direct method. |
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