Fortune Software Corp. has assembled the following data for the years ending December 31, 2021 and 2020:
Question:
Fortune Software Corp. has assembled the following data for the years ending December 31, 2021 and 2020:
Requirement
Prepare Fortune’s statement of cash flows using the indirect method to report operating activities. Include a schedule of noncash investing and financing activities.
Transcribed Image Text:
1234SSTHE 2 3 Current Accounts: 4 Current assets: 5 6 7 8 Prepaid expenses 9 Current liabilities: 10 Accounts payable Income tax payable Accrued liabilities 6723 11 A1 12 13 Cash and cash equivalents Accounts receivable Inventories December 31, 2021 $ 95,900 70,100 8,800 3,400 $57,300 29,000 15,000 2020 $ 20,000 64,600 80,000 2,400 $ 55,900 16,400 27,900
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