Bracewell Ltd. reported net income of 195,000 for 2017. Bracewell also reported depreciation expense of 40,000 and

Question:

Bracewell Ltd. reported net income of £195,000 for 2017. Bracewell also reported depreciation expense of £40,000 and a gain of £5,000 on disposal of plant assets. The comparative statements of financial position show an increase in of £15,000 for the year, a £17,000 increase in accounts payable, and a £4,000 decrease in prepaid expenses.
Instructions
Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method.
Accounts Receivable
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...