Question
8-25 pts Johnny Lighting Company reported net income of $80,000 for the current year. Depreciation recorded on buildings and equipment amounted to $20,000 for the
8-25 pts Johnny Lighting Company reported net income of $80,000 for the current year. Depreciation recorded on buildings and equipment amounted to $20,000 for the year. Balances of selected balance sheet accounts at the beginning and end of the year are as follows: Beginning of Year Cash Accounts receivable Inventories Land Accounts payable Salaries payable Bonds payable Instructions End of Year $20,000 $25,000 25,000 32,000 60,000 58,000 20,000 25,000 12,000 16,000 8,000 6,000 130,000 120,000 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method
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