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Computer Service and Repair was started five years ago by two college roommates. The company's comparative statements of financial position and statement of earnings are
Computer Service and Repair was started five years ago by two college roommates. The company's comparative statements of financial position and statement of earnings are presented below, along with additional information. Additional Data: 1. Prepaid expenses relate to rent paid in advance. 2. Other expenses were paid in cash. 3. Purchased equipment for $590 cash at the beginning of the current year and recorded $110 of depreciation expense at the end of the current year. 4. At the end of the current year, the company signed a short-term note payable to the bank for $240. Required: Prepare the operating activities section of the statement of cash flows for Computer Service and Repair using the indirect method. (Negative answers should be indicated by a minus sign.)
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