The income statement of Kodiak Industries Inc. for the current year ended June 30 is as follows:
Question:
The income statement of Kodiak Industries Inc. for the current year ended June 30 is as follows:
Changes in the balances of selected accounts from the beginning to the end of the current year are as follows:
Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the directmethod.
Transcribed Image Text:
Increase Decrease* Accounts recelvable (net) Inventories .... Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income tax payable $8,400* 2,800 2,720* 5,760* 880 1,920*
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Cash flows from operating activities Cash received from customers 373200 1 Deduct Cash ...View the full answer
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