Duggar Company had a net income of 55,000

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January 7th, 2018

Duggar Company had a net income of 55,000.A) Balances in the company’s current assets and current liability accounts at the beginning and end of the years were:.364px;=”” collapse;=”” 12px=””>Endof the YearBeginningof the YearCurrent Assets Cash$44,560$66,324 Accounts Receivable135,342101,222 Inventory243,321162,435 Prepaid Expenses9,38110,435Current Liabilities Accounts Payable201,456173,243 Accrued Liabilities3,2025,893B) Balances in the company’s income statement were:.364px;=”” collapse;=”” 12px=””>Sales$ 370,000Less Cost of Goods Sold140,000Gross Margin230,000Less Operating Expenses160,000Income Before Taxes70,000Less Income Taxes15,000Net Income$55,000The deferred taxes liability account on the balance sheet increase by 5,000 during the year and depreciation charges were $40,000.Required:A. the indirect method, determine the net cash provided by operating activities for the year.B. Using the direct method, convert the company’s income statement to a cash basis.

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