Question
Davis, Inc. reported net income of $44,000 for the year ended December 31, 20X1 Included in net income were depreciation expense of $8,400 and a
Davis, Inc. reported net income of $44,000 for the year ended December 31, 20X1 Included in net income were depreciation expense of $8,400 and a loss on sale of equipment of $1,000. Each of the following accounts increased during 20X1:
Accounts receivable$3,200
Inventory5,500
Prepaid rent5,800
Accounts payable4,000
What is the amount of cash provided by operating activities for Davis, Inc. for the year ended December 31, 20X1 using the indirect method?
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Survey of Accounting
Authors: Carl S. Warren
7th edition
1285974360, 1285183487, 9781285974361, 978-1285183480
