Question
Exercise 17-5 The current sections of Scoggin Inc.s balance sheets at December 31, 2013 and 2014, are presented here. Scoggins net income for 2014 was
Exercise 17-5 The current sections of Scoggin Inc.s balance sheets at December 31, 2013 and 2014, are presented here. Scoggins net income for 2014 was $151,490. Depreciation expense was $23,580. 2014 2013 Current assets Cash $104,660 $99,760 Accounts receivable 108,870 88,500 Inventory 158,220 171,060 Prepaid expenses 26,630 22,260 Total current assets $398,380 $381,580 Current liabilities Accrued expenses payable $15,850 $4,600 Accounts payable 86,000 92,480 Total current liabilities $101,850 $97,080 Prepare the net cash provided by operating activities section of the companys statement of cash flows for the year ended December 31, 2014, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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