Gainesville Corporation's income statement revealed sales of ($700),000; gross profit of ($300),000; selling and administrative costs of

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Gainesville Corporation's income statement revealed sales of \($700\),000; gross profit of \($300\),000; selling and administrative costs of \($140\),000; and income taxes of \($45\),000. The selling and administrative expenses included \($10\),000 for depreciation. The company's operating activities generated positive cash flow of \($129\),000. Use the "indirect" approach to demonstrate how this amount was calculated. The following additional information is available:

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Financial Accounting

ISBN: 9781456352974

1st Edition

Authors: Dr. Larry M. Walther

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