The comparative statement of financial position for Baird Corporation shows the following noncash current asset and liability
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_____________________________________ 2015 __________________ 2014
Accounts receivable ............................ $60,000 ..................... $40,000
Merchandise inventory ......................... 64,000 ...................... 70,000
Prepaid expenses ................................ 6,000 ...................... 4,000
Accounts payable ................................ 35,000 ...................... 40,000
Interest payable .................................. 4,000 ...................... 5,000
Income tax payable .............................. 10,000 ...................... 5,000
Baird's income statement reported the following selected information for the year ended March 31, 2015: sales were $850,000, cost of goods sold was $475,000, operating expenses were $230,000 (which included depreciation expense of $20,000), interest expense was $50,000, and income tax expense was $15,000. Calculate net cash provided (used) by operating activities using the direct method?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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