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Create the operating cash flows section Canvas Inputs are REQUIRED. Supporting documentation will be considered for partial credit. Please label supporting documentation as CASH FLOWS.
Create the operating cash flows section
Canvas Inputs are REQUIRED. Supporting documentation will be considered for partial credit. Please label supporting documentation as "CASH FLOWS." You work at Santa's Warehouse. You are about to produce its Cash Flow Statement, but a mischievous Grinch has ripped your balance sheets up. Still, Santa is depending on you, so you arrange the fragments as best you can and persevere. You also know that: Net Income for the year was $(40,000), i.e., there was a net loss Depreciation Expense for the year was $80,000 There was a $25,000 loss on sale of a Building Santa's Warehouse Balance Sheet (infomplete fragments--not presented in any particular order) as at 12/31/20XX 2019 2018 Retained earnings $ 155,000 Common stock $ 201,000 102,000 177,000 (250,000) (230,000) 55,000 35,000 28,000 Accumulated Depreciation- Building Cash Accounts Payable Land Prepaid Insurance Unearned Revenue Interest Receivable Treasury Stock Building Long-Term Note Payable 22,000 135,000 84,000 60,480 27,300 (10,000) 650,000 125,000 90,000 70,000 33,600 42,000 (2.000) 550,000 80,000 A. Given the incomplete fragments of the Balance Sheets above, prepare the Operating Cash Flows section of Santa's Warehouse's 2019 Cash Flow Statement using the indirect method (i.e., do not provide the Investing or Financing Cash Flow sections). Provide the operating section using the indirect method in your supporting documentation. What is net cash provided/(used) by operating activitiesStep by Step Solution
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