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Ch 12 exercises #4 Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given
Ch 12 exercises #4 Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: |
Item | Amount | ||
Accounts receivable | $ | 90,000 | decrease |
Inventory | $ | 120,000 | increase |
Prepaid expenses | $ | 3,000 | decrease |
Accounts payable | $ | 65,000 | decrease |
Accrued liabilities | $ | 8,000 | increase |
Income taxes payable | $ | 12,000 | increase |
Sale of equipment | $ | 7,000 | gain |
Sale of long-term investments | $ | 10,000 | loss |
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Required: |
For each item, indicate whether the dollar amount should be added to or deducted from net income under the indirect method when computing the net cash provided by operating activities for the year. |
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