Business, 05.05.2020 13:52 Jasten

Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2.

Tidwell Company
Comparative Balance Sheets
At December 31, 20X1 and 20X2 1

20X1 20X2
Current assets:
Accounts receivable $346,000.00 $284,000.00
Inventories 122,000.00 147,000.00

Current liabilities:
Accounts payable 302,000.00 239,500.00

Tidwell Company
Income Statement
For the Year Ended December 31, 20X2 1

Revenues $1,204,000.00
Gain on sale of equipment 49,000.00
Cost of goods sold (655,000.00)
Depreciation expense (124,000.00)
Interest expense (23,000.00)
Net income $451,000.00

Required:

Compute operating cash flows using the direct method. (Note: Begin by entering the applicable income statement amounts. In the Adjustments column, if an account has more than one adjustment, enter the total effect of all adjustments in the applicable cell. Use a minus sign to indicate a negative adjustment or a negative cash outflow.)

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