Anika Book Distributors, Inc., reported net income of $415,000 for 2009. The company also reported depreciation expense
Question:
Anika Book Distributors, Inc., reported net income of $415,000 for 2009. The company also reported depreciation expense of $75,000 and a gain of $6,250 on the sale of machinery. The comparative balance sheet shows an increase in accounts receivable of $1,500 for the year, a $4,100 increase in accounts payable, and a $2,175 decrease in prepaid expenses. Prepare the cash from operating activities section of the statement of cash flows for 2009 using the indirect method.
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Question Posted: