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Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2018 fiscal year was $1,268,000.
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2018 fiscal year was $1,268,000. Depreciation expense of $158,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Increase in accounts receivable Decrease in inventories Decrease in prepaid expenses Decrease in salaries payable Increase in income taxes payable $ 170,000 126,000 80,000 48,000 62,000 Required: Prepare the cash flows from operating activities for 2018. (Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the cash flows from operating activities for 2018. (Amounts to be deducted should be indicated with a minus sign Cash flows from operating activities. Adjustments for noncash effects. Changes in operating assets and liabilities: Net cash flows from operating activities $ 0
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