Use the following selected date and additional information from the records of Hitchcock Corporation to answer the
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Use the following selected date and additional information from the records of Hitchcock Corporation to answer the question that follows.
Balance Sheet Data 2004 2003
Accounts Receivable $50,000 $40,000
Inventories 22,000 25,000
Prepaid Rent 13,000 5,000
Accounts payable 13,000 20,000
Salaries payable 9,000 15,000
Taxes payable 18,000 11,000
Income Statement Data 2004
Depreciation Expense 6,000
Net Income 50,000
Required: Prepare the Operating Activities section of the Statement of Cash Flows for the year ended 2004. Use the INDIRECT Method.
Expert Answer:
Hitchcock Corporation Statement of Cash Flows Operating Activities Section Indirect Method For the Y... View the full answer
Related Book For 
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
