Statement of cash flows – indirect method
List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $180,576. All other amounts are correct, except the cash balance at the end of the year.
Hough Inc.
Statement of Cash flows
For the Year Ended December 31, 2012
| Cash flows from operating activities: |
| |
| Net income | $266,544 | |
| Adjustments to reconcile net income to met cash flow from operating activities: |
| |
| Depreciation | 75,600 | |
| Gain on sale of investments | 12,960 | |
| Change in current operating assets and liabilities | ||
| Increase in accounts receivable | 20,520 | |
| Increase in inventories | (26,568) | |
| Increase in accounts payable | (7,992) | |
| Decrease in accrued expenses payable | (1,944) | |
| Net cash flow from operating activities | $339,120 |
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