During a recent year, Nicoles Getaway Spa (NGS) reported net income of $ 2,300. The company reported

Question:

During a recent year, Nicole’s Getaway Spa (NGS) reported net income of $ 2,300. The company reported the following activities:
a. Increase in inventory of $ 400.
b. Depreciation of $ 3,000.
c. Increase of $ 2,170 in prepaid expenses.
d. Payments of $ 4,600 on long- term debt.
e. Purchased new spa equipment for $ 7,582.
f. Payments on exceeded purchases by $ 320.
g. Collections on exceeded credit sales by $ 859.
h. Issued $ 10,000 of common stock.
Required:
Based on this information, prepare a statement of cash flows for the year ended December 31 using the indirect method. Assume the cash balance at the beginning of the year was $ 7,000. Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... 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...