For the year ended June 30, 2011, net income for Freed Corporation was $14,800 Depreciation expense was $4,000 During the year, accounts receivable increased by $8,800, inventories increased by $14,000, prepaid rent decreased by $2,800, accounts payable increased by $28,000, salaries payable increa...

Freed Corporation Schedule of Cash Flows from Operating ...

For the year ended June 30, 2011, net income for Freed Corporation was $14,800. Depreciation expense was

Question:

For the year ended June 30, 2011, net income for Freed was $14,800. Depreciation expense was $4,000. During the year, increased by $8,800, inventories increased by $14,000, prepaid rent decreased by $2,800, increased by $28,000, salaries payable increased by $2,000, and income taxes payable decreased by $1,200. Use the indirect method to prepare a schedule of cash flows from operating activities.

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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...