Reference no: EM132563035
The Nomar Company uses the indirect method to calculate cash flows. The following information pertains to operations for the accounting period, January 2002-December 31, 2002.
Net income: $ 910.000,00
Amortization expense: $ 40.000,00
Depreciation expense: ?
Accounts receivable balance (Jan. 1) $ 110.000,00
Accounts receivable balance (Dec. 31) $ 120.000,00
Inventory balance (Jan. 1) $ 196.000,00
Inventory balance (Dec. 31) $ 198.000,00
Accounts payable balance (Jan. 1) $ 60.000,00
Accounts payable balance (Dec. 31) $ 40.000,00
Interest payable balance (Jan. 1) $ 54.000,00
Interest payable balance (Dec. 31) $ 56.000,00
Dividends payable balance (Jan. 1) $ 80.000,00
Dividends payable balance (Dec. 31) $ 92.000,00
Required:
Question 1: Assuming that cash flow from operations totals $1,020,000, what must have been the amount of Depreciation Expense for the period? Please show your calculations.
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