Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Green Forest Corp's 2020 income statement showed the following profit, $293.000, depreciation expense, bulding. 545,000, depreciation expense, equipment, 56,650, and gain on sale of equipment,

image text in transcribed
Green Forest Corp's 2020 income statement showed the following profit, $293.000, depreciation expense, bulding. 545,000, depreciation expense, equipment, 56,650, and gain on sale of equipment, $7,400. An examination of the company's current assets and current liabilmes showed that the following changes occurred because of operating activities: accounts receivable decreased 514,570, merchandise inventory decreased $43,400prepaid expenses increased $3,050; accounts payable decreased $7450, and other current payables increased $1,210. Use the indirect method to calculate the cash flow from operating activities. (List any deduction in cash and cash outflows os negative amounta.) Cash flows from operating activities Adjustments to reconcile profit to net cash provided by operating activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions