Question
Fitz Company reports the following information. Use the indirect method to prepare only the operating activities section of its statement of cash flows for the
Fitz Company reports the following information. Use the indirect method to prepare only the operating activities section of its statement of cash flows for the year ended December 31, 2015. (Amounts to be deducted should be indicated with a minus sign.) Selected 2015 Income Statement Data Selected Year-End 2015 Balance Sheet Data Net income $385,000 Accounts receivable decrease $62,700 Depreciation expense 49,400 Inventory decrease 47,000 Amortization expense 8,200 Prepaid expenses increase 6,400 Gain on sale of plant assets 6,100 Accounts payable decrease 9,700 Salaries payable increase 1,300
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