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List errors you find in the following statement of cash flow

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Reference no: EM13509729

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

 

Reference no: EM13509729

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