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Dear Tutor, I need help with this assignment. I'm not understanding the steps to well. Thank you Problem 21-9 Cash ows trom operating activities [direct
Dear Tutor,
I need help with this assignment. I'm not understanding the steps to well. Thank you
Problem 21-9 Cash ows trom operating activities [direct method and indirect methamcasn equivalent [LUZ-3, 2H] Portione or the nancial statements for Hewkeye Company are provided below. I-lAhKEY'E COMPANY Income statement Forthe'rharEnded Deoember31.2016 Sales 8 900 Cost of goods sold 350 Gross margin 550 Operating expenses: Salaries $2732 Depredata'on 190 Inventory loss from water damage 12 Total operating expenses 434 Operating income 113 Other income (expense): Gain on sale ot cash equivalents 4 Interest expense (-10] Income before tax 80 Income lax expense 40 Net income 5 40 HAWKEYE GOG-1W mmmmmmmmm Deoen'her31.2018md21315 Year 2018 2015 Strange Cash 5212 5200 S12 Amounts receivable 395 421 [26) Inventonv 850 850 10 Accounts payable 210 234 (24) Salaries payable 180 138 [3) Interest payable 55 50 5 Inoome taxes payable 90 104 (14) Required: 1. Prepare the cash ows from operating aeliviliea section ot the statement of cash ows for Haunteye Company using the direct method. (Amount: to be deducted should be Indicated wlth a minus sign.) iCaeh Flow-s from Operating Activities: | | |_ Cash received from customers :Step by Step Solution
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