Question
Assume May Co. is preparing the operating section using the indirect method. May Co. reported a net income of $301,000 for the year and also
Assume May Co. is preparing the operating section using the indirect method. May Co. reported a net income of $301,000 for the year and also had the following items:
Increase in accounts receivable: $5,000
Decrease in accounts payable: $9,000
Depreciation expense: $21,000
What is May Co.’s net cash flow from operating activities?
a $266,000
b $318,000
c $276,000
d $308,000
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
