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7. The following changes in balance sheet accounts for Alvaros Autos Inc. for 2016: DR CR Cash $25,000 Accounts receivable 27,000 Inventory 15,000 Prepaid insurance
7. The following changes in balance sheet accounts for Alvaros Autos Inc. for 2016:
DR CR
Cash $25,000
Accounts receivable 27,000
Inventory 15,000
Prepaid insurance 5,000
Accounts payable 12,000
Retained Earnings 30,000
Total Changes $57,000 $57,000
There were no dividends declared or paid in 2016.
Prepare the cash flow from operations on an indirect basis.
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