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Statement of cash flows; indirect method
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2016 fiscal year was $1,250,000. Depreciation expense of $140,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
Required:
Calculate cash flows from operating activities for 2016
Q19;
IFRS; statement of cash flows
The statement of cash flows for the year ended December 31, 2016, for Bronco Metals is presented below.
Required:
Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements.